HC Deb 22 October 1998 vol 317 cc1203-4W
Mr. Gill

To ask the Chancellor of the Exchequer at what rate of exchange each of the 11 countries will join the European single currency on 1 January 1999. [55943]

Ms Hewitt

The bilateral conversion rates between currencies joining in the first wave were pre-announced in a declaration by the Finance Ministers and central bank governors of participating member states on 2 May 1998. Copies of the declaration have been placed in the Library of the House of Commons. Details of the rates are also available on the Treasury's Internet Web-site. These bilateral rates will be used to determine conversion rates against the euro on 31 December 1998.

Mr. Gill

To ask the Chancellor of the Exchequer what criteria will be used to establish the rate of exchange at which the UK could join the single European currency. [55946]

Ms Hewitt

If and when the UK joined the single currency, the rate at which Sterling would join would be decided then, in conjunction with our European partners. The rate would need to be compatible with economic fundamentals in the UK and with sustainable convergence between the UK and other euro-area economies.