European Central Bank

HC Deb 30 October 2000 vol 355 cc267-8W

Mr. Cash

To ask the Secretary of State for Foreign and Commonwealth Affairs if he will make a statement on recent European Central Bank intervention in the currency markets. [135379]

Miss Melanie Johnson

After the September 23 meeting in Prague of the G7 Finance Ministers and Central Bank Governors the following statement was releasedAt the initiative of the European Central Bank, the monetary authorities of the United States, Japan, the 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. In light of recent developments, we will continue to monitor developments closely and to co-operate in exchange markets as appropriate.