HC Deb 30 November 1989 vol 162 cc422-3W
37. Mrs. Ray Michie

To ask the Chancellor of the Exchequer what recent discussions he has had on the exchange rate mechanism of the European monetary system.

Mr. Lilley

The United Kingdom will join the exchange rate mechanism during the so-called "stage 1" of economic and monetary union which my right hon. Friend discussed at the meeting of Community Economic and Finance Ministers in Brussels on 13 November.

46. Mr. Fearn

To ask the Chancellor of the Exchequer when he expects the United Kingdom to enter the exchange rate mechanism of the European monetary system; and if he will make a statement.

75. Mr. Tim Smith

To ask the Chancellor of the Exchequer when he expects the conditions for British entry to the exchange rate mechanism of the European monetary system to be met.

Mr. Lilley

The United Kingdom will enter the exchange rate mechanism of the European monetary system during the so-called stage 1 of economic and monetary union which begins on 1 July 1990.

66. Mr. Kennedy

To ask the Chancellor of the Exchequer if he will commission a study to assess the influence upon United Kingdom interest rates of the early entry of sterling into the exchange rate mechanism of the European monetary system; and if he will make a statement.

Mr. Lilley

As my right hon. Friend has made clear, membership of the exchange rate mechanism does not insulate a country from high interest rates.

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