§ Mr. ColmanTo ask the Secretary of State for Northern Ireland what assessment she has made of the impact on Northern Ireland of the adoption of the euro by the Republic of Ireland. [20772]
§ Mr. Paul Murphy[holding answer 15 December 1997]Northern Ireland's interests, as part of the United Kingdom, are best served by this Government's policy that the United Kingdom will enter EMU only if the economic benefits are clear and unambiguous and if the people agree in a referendum. Great Britain continues to be Northern Ireland's main export market. The impact on Northern Ireland of the Republic of Ireland entering EMU earlier than the United Kingdom would depend, among other things, on the stability of the sterling/euro exchange rate and the flexibility of local labour markets.