§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer, whether, in view of Her Majesty's Government's decision to apply for membership of the European Economic Community, he will institute an investigation of the scope for a European reserve currency unit.
§ Mr. CallaghanA European reserve unit is one of a number of possible means of closer co-operation in financial matters which we should be willing to investigate with our partners if we join the Community. But at present discussions are taking place in the International Monetary Fund and the Group of Ten about more wide-ranging international monetary arrangements.