Would the Minister indicate whether the Government are committed in principle to association in this new monetary system? The Government appear to be committed in principle to joining that system.

That does not arise on this question.

I was curious about the policy direction of the White Paper.

I do not accept that the Government are committed in the sense that that word is normally understood. It is true to say that we would wish to join the European Monetary System, something which has been stated by other members of the Government, but the decision as to whether we should do so or not must depend on the final version of it and an assessment of its impact on our economy. No such decision has been made and cannot be made at this stage.