§ Mr. McQuarrieasked the Minister of Agriculture, Fisheries and Food if he proposes to request the European Economic Community for a further reduction in the green pound at an early date; and if he will make a statement.
§ Mr. Gummer[pursuant to his reply, 9 February 1987, c. 42]: We are considering what action to take on the level of the green pound in the context of the forthcoming price-fixing.
§ Mr. McQuarrieasked the Minister of Agriculture, Fisheries and Food if he will indicate the percentage gap in the green pound in a comparison between the United Kingdom and the Republic of Ireland; and if he will make a statement.
§ Mr. Gummer[pursuant to his reply, 9 February 1987, c. 42]: Agricultural prices, set in ecu are converted into national currencies using green rates (the green pound in the case of the United Kingdom and the green punt in the case of the Republic of Ireland). For each member state's currency, the difference between the green rates and the market rate against the ecu (the real monetary gap) is expressed as a percentage of the former.
The real monetary gaps applying in the United Kingdom and the Republic of Ireland in the week beginning 9 February 1987 are as follows:
Sector United Kingdom Per cent. Republic of Ireland Per cent. Beef -26.005 -5.777 Milk -32.462 -5.777 Pigmeat -28.732 -5.777 Cereals Sugar -34.286 -10.546