HC Deb 22 February 1999 vol 326 c188W
Mr. Mitchell

To ask the Minister of Agriculture, Fisheries and Food what assessment he has made of the effects of the decline of the euro against sterling on the green pound. [70617]

Mr. Rooker

As from 1 January 1999, "green" rates ceased to exist, because the agrimonetary system, which converts amounts under the Common Agricultural Policy and the Common Fisheries Policy into national currency, has been completely overhauled. Daily market exchange rates are now used to convert from euros into sterling.

Overall, sterling has strengthened slightly against the euro since 1 January 1999, but it is too soon to predict long term trends. Compensation may be available if the sterling value of direct payments or market support payments is adversely affected by a decline in the euro.