HL Deb 25 October 2000 vol 618 cc48-9WA
Lord Shore of Stepney

asked Her Majesty's Government:

On what occasions before the G7 meeting of Finance Ministers and Cental Bank Governors on 23 September have the Chancellor of the Exchequer or other senior Ministers publicly stated that the pound and the euro were misaligned; and, in particular, that the depreciation of the euro against other currencies including sterling was a problem of sufficient importance to warrant international efforts to prop up the euro. [HL4219]

Lord McIntosh of Haringey

In his James Meade memorial lecture on 8 May, the Chancellor said "Such a euro-sterling exchange rate cannot be justified by any view of long-term economic fundamentals."

In view oft he concerns shared by the members of the G7, including the United Kingdom, about the potential implications of recent movements in the euro for the world economy, the G7 authorities undertook concerted intervention in the markets on 22 September.