1-1 of 1 results for subject:"Currency realignment"
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Higgins, Lord
Type
House
Session
Year
Department
Member
Primary member
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Higgins, Lord (1)
Answering member
Legislative stage
Legislation
Subject
Publisher
My Lords, would the noble Lord agree that if we were members of the European single currency it would not have been possible for us to cut interest rates in the way which the Government have, and that that would not have been likely to assist economic recovery? As far as the exchange rate is concerned, would he agree that the effect depends on the elasticity of demand for exports and imports? Have the Government made an up-to-date estimate of these?
My Lords, would the noble Lord agree that if we were members of the European single currency it would not have been possible for us to cut interest rates in the way which the Government have, and that that would not have been likely to assist economic recovery? As far as the exchange rate is concerned, would he agree that the effect depends on the elasticity of demand for exports and imports? Have the Government made an up-to-date estimate of these?
Asked by
Lord Higgins
(Conservative)
Oral questions - Supplementary
Status
Answered
Answered on
19 January 2009
My Lords, I agree with the observation of the noble Lord, Lord Higgins, that we are free to set our own interest rates. As a member of the single currency, we would be bound to the single-currency interest rates. On his second question, the Government’s forecasts take account of elasticities of demand and supply in terms of their effect on the trade account.
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1441
Chamber / Committee
House of Lords chamber
House
House of Lords