HL Deb 09 October 2000 vol 617 cc2-3WA
Lord Shore of Stepney

asked Her Majesty's Government:

Whether they consider that the exchange rates of sterling and the euro are misaligned: and, if so, whether they have made public their view and communicated it to the President and the Governing Body of the European Central Bank and to Ministers in the Economic and Finance Council of Ministers. [HL3772]

Lord McIntosh of Haringey

The 23 September 2000 statement of G7 Finance Ministers and Central Bank Governors stated that, "At the initiative of the European Central Bank, the monetary authorities of the United States, Japan, United Kingdom, and Canada joined with the European Central Bank on Friday September 22 in concerted intervention in exchange markets because of the shared concern of Finance Ministers and Governors about the potential implications of recent movements in the euro for the world economy."