§ 54. Mr. Callaghan
asked the Chancellor of the Exchequer what is the reason for the recent change of policy that led to withholding dollar guarantees to sterling balances held by European central banks; and what is his policy about the official disclosure of such information.
§ Mr. du Cann
We took the opportunity of the recent review of the European Monetary Agreement to limit the discrimination arising from the guarantee which it contained in favour of European holders of sterling as compared with other holders. This was a joint negotiation in the O.E.C.D., by whom the results were announced in the normal way in a Press release.