§ Mr. AllenTo ask the Chancellor of the Exchequer how many times currencies in the exchange rate mechanism have been adjusted, giving the dates and the currency and its value before and after in each case.
§ Mr. LilleyThere have been 11 occasions on which exchange rates of currencies in the ERM have been realigned. For the detail I refer the hon. Gentleman to table 6 of "The European Monetary System: Recent Developments", IMF occasional paper number 48, and annex VIII of "The EMS: Ten Years of Progress in European Monetary Co-operation", both of which are in the Library of the House.
§ Mr. AllenTo ask the Chancellor of the Exchequer what are the arrangements for reviewing the levels of currencies in the exchange rate mechanisms; and when revaluations take place.
§ Mr. LilleyReviews are carried out through consultation in the appropriate Community bodies. I refer the hon. Gentleman to paragraph 3.2 of the resolution of the European Council of 5 December 1978 on the establishment of the European Monetary System (EMS) and related matters.