Written question asked by Austin Mitchell (Labour) on Monday, 8 February 1999, in the House of Commons. It was due for an answer on Monday, 22 February 1999. It was answered by Lord Rooker (Labour) on Monday, 22 February 1999 on behalf of the Ministry of Agriculture, Fisheries and Food.

Ministry of Agriculture Fisheries and Food

Question: To ask the Minister of Agriculture, Fisheries and Food, what assessment he has made of the effects of the decline of the euro against sterling on the green pound.

Answer: Mr. Mitchell: To ask the Minister of Agriculture, Fisheries and Food what assessment he has made of the effects of the decline of the euro against sterling on the green pound. [70617] Mr. Rooker: As from 1 January 1999, "green" rates ceased to exist, because the agrimonetary system, which converts amounts under the Common Agricultural Policy and the Common Fisheries Policy into national currency, has been completely overhauled. Daily market exchange rates are now used to convert from euros into sterling. Overall, sterling has strengthened slightly against the euro since 1 January 1999, but it is too soon to predict long term trends. Compensation may be available if the sterling value of direct payments or market support payments is adversely affected by a decline in the euro.

Secondary information