§ Mr. Teddy TaylorTo ask the Chancellor of the Exchequer, if he will make a statement setting out the arrangements for a realignment of sterling within the ERM; and if this is a decision which the United Kingdom can make alone.
§ Mr. MaplesAdjustments to central rates between ERM member currencies are subject to mutual agreement by a common procedure which comprises all countries participating in the ERM. Any member state wishing to propose a realignment may do so. If necessary, a conference of finance Ministers, and Central Bank governors is held to consider any proposed realignment. The United Kingdom has no intention of seeking a realignment of sterling within the ERM.