Mr. John David Taylorasked the Secretary of State for Northern Ireland if he will make a statement about the general impact on Ulster agriculture by membership of the European monetary system.
§ Mr. ButlerThe United Kingdom is a member of the European monetary system, but sterling does not participate in the exchange rate mechanism; it is not possible to assess separately the impact on Northern Ireland of membership, which reflects the impact on the United Kingdom as a whole. Similarly, although sterling's participation in the exchange rate mechanism would have consequences for the European Community's agrimonetary arrangements, there is nothing to suggest that the overall consequences for Northern Ireland agriculture would be different from those for the United Kingdom as a whole.
Mr. John David Taylorasked the Secretary of State for Northern Ireland what would be the main implications for Northern Ireland in the context of the United Kingdom's full membership of the European monetary system.
§ Mr. ButlerThe implications for Northern Ireland of sterling's participation in the exchange rate mechanism of the European monetary system would reflect the implications for the United Kingdom as a whole.