§ Mr. Deakinsasked the Chancellor of the Exchequer what assessment he has made of the implications for the role and powers of the Bank of England of the United Kingdom joining the European monetary system.
§ Mr. Ian StewartThe United Kingdom is already a member of the European monetary system but sterling does not participate in the exchange rate mechanism. The question of participation and its implications are kept under review.
§ Mr. Deakinsasked the Chancellor of the Exchequer what assessment he has made of the implications for national control of monetary policy of the United Kingdom joining the European monetary system; and if he will make a statement.
§ Mr. Ian StewartThe question whether the United Kingdom should join the exchange rate mechanism of the EMS, and the implications of doing so, are kept under 291W review. The United Kingdom would not consider joining without giving full consideration to its monetary policy in the conditions of the time.