§ Sir Teddy Taylor
To ask the Chancellor of the Exchequer what assessment has been made of the benefits to industry of fixed exchange rates within the European Community.
§ Mr. Nelson
Exchange rate stability can be beneficial if there is sufficient convergence of monetary policy requirements among the countries concerned. The European Commission's 1990 report on the costs and benefits of economic and monetary union—"One Market, One Money"—surveyed a number of studies on this subject.