§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer if he will list the realignments in the exchange rate mechanism since it was established together with the percentage change in each currency changed at the time; and what representations have been made to him for a new realignment.
§ Mr. NelsonThe table lists the ERM percentage realignments that have taken place.
76W
Chronology of central rale changes within the EMS entry into effect of the EMS per cent. 1979 13 March 23 September Deutschemark +2.00 Krone -2.90 30 November Krone -4.76 1981 22 March 4 October Lire -6.00 Deutschemark, Guilder + 5.50 French Franc, Lire -3.00 1982 21 February Belgian/Luxembourg Francs -8.50 Krone -3.00 12 June Deutschemark/Guilder + 4.25 Lire -2.75 French Franc -5.75 1983 21 March Deutschemark + 5.50 Guilder + 3.50 Krone + 2.50 Belgian/Luxembourg Francs + 1.50 French Franc/Lire -2.50 Punt -3.50 1985 20 July Belgian Franc, Krone, Deutschemark, French + 2.00 Franc, Punt, Luxembourg Franc, Guilder Lire -6.00 1986 7 April Deutschemark + 3.00 Guilder + 3.00 Belgian/Luxembourg Francs + 1.00 Krone + 1.00 French Franc -3.00 2 August Punt -8.00 1987 12 January Deutschemark + 3.00 Guilder + 3.00 Belgian/Luxembourg Francs + 2.00 1990 8 January When the Lire moved from ± 6 per cent. margin of fluctuation to ± 2¼ per cent. Lire -3.75 Note: The net change in a particular central rate is approximately equal to the difference in the percentage changes shown against the two currencies concerned. For example in March 1983 the Deutschemark was revalued by 2 per cent. against the Guilder and 9 per cent. against the Punt.
My right hon. Friend has received several such representations.