European Economic Community

HC Deb 26 January 1973 vol 849 cc263-4W

Mr. Deakins

asked the Chancellor of the Exchequer if it is an objective of EEC economic monetary union that the parity of the £ sterling should be irrevocably fixed in relation to EEC currencies; and, if so, if Her Majesty's Government accepts this objective.

Mr. Nott

It is part of the objective of economic and monetary union that at the final stage the parities of Community currencies should be irrevocably fixed in relation to one another. The Heads of State or of Governments of the countries of the European Economic Community at their meeting in Paris on 19th and 20th October 1972, reaffirmed the determination of member States irreversibly to achieve economic and monetary union. The Heads of State or Governments also declared that fixed but adjustable parities constitute an essential basis for tile achievement of the union.