HC Deb 21 March 1979 vol 964 cc656-7W
62. Mr. Dykes

asked the Chancellor of the Exchequer when he next expects the Community's European monetary system agreements to commence officially with the approval of the Council of Ministers.

Mr. Healey

The EMS started last week after the French reserves on the instruments establishing it had been lifted. This allowed the agreements that had been reached by the Council of Ministers in December to come into effect, and no further Council approval is required.

Mr. Ridley

asked the Chancellor of the Exchequer what arrangements he has made for consultation with the United Kingdom's European Economic Community partners on developments in the European monetary system.

Mr. Healey

I consult regularly with my Finance Minister colleagues on all matters relating to the economic and monetary situation in the Community. There will be a review of certain aspects of the exchange rate mechanism six months after the start of the EMS which would be a matter for the appropriate Community bodies, including the Council of Finance Ministers on which I represent the United Kingdom. The United Kingdom is fully represented, as are all the other appropriate bodies. The same bodies would also handle work on the development of the ECU and the establishment of the European monetary fund.

Mrs. Renée Short

asked the Chancellor of the Exchequer if he intends to hand over 20 per cent. of Great Britain's international revenues to be managed by the Bank for International Settlement in Basle as part of the European monetary system reserve depositing arrangements.

Mr. Healey

, pursuant to his reply [Official Report, 19 March], gave the following information:

I shall announce in due course the Government's decision on depositing reserves in exchange for ECUs with the European monetary co-operation fund.