Below is the text of Mr Major’s written Parliamentary Answer on the European Monetary System on 10th May 1990.
Mr. Shore To ask the Chancellor of the Exchequer what swap arrangements are available to the United Kingdom from other central banks in the European monetary system; and what additional funds are available to those European monetary system members that are also members of the exchange rate mechanism.
Mr. Major [holding answer 3 May 1990]: Since 1984, a mobilisation mechanism has existed which allows EMS members to obtain dollars in exchange for the ecu provided by the European monetary co-
In addition, some credit facilities are available to EMS members. All members have access to medium-