§ The Minister for Trade (Mr. Peter Rees)
I have received no formal representations during the last year in support of floating exchange rates.
§ Mr. Rees
It is true that Bretton Woods made its contribution to the expansion of trade in the world in the post-war period. We have, however, moved slightly out of that period. I recognise that the EMS has contributed to the stability of exchange rates and has therefore assisted trade within the membership of that mechanism. The Government will, as they have announced, consider joining the EMS at the appropriate moment.
Mr. J. Enoch Powell
Do not recent events demonstrate the wisdom of Her Majesty's Government in staying well clear of the European monetary system?
§ Mr. Marlow
Is it possible to have an operative European monetary system if different countries within the European Community follow radically different economic policies?