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The difference between sterling's green rates and market rate against the ecu — the real monetary gap — is expressed as a percentage of the former.
I understand why they did so, because sterling's present level bears hard on many manufacturing industries.
Last week we discussed exports and looked at the effect of sterling's appreciation on manufacturing industry.
The question of sterling's participation is kept under review.
The difference between sterling's current rate and that which would apply under convergence is worth 2p on a litre of milk.
At sterling's current level, that is an oxymoron.
The initial impact of sterling's suspension from the exchange rate mechanism was a sharp fall in business and consumer confidence.
I am glad to say that since then the dollar exchange rate has improved in sterling's favour.
They have not endangered sterling's position in the exchange rate mechanism.
The average value of the pound sterling's effective exchange rate index in that month was 90·8.
There is, however, a difficult balance of advantages and disadvantages to be weighed up in considering sterling's possible relationship to the exchange rate mechanism.
I referred briefly earlier to sterling's temporary weakness at the beginning of the year.
By any account, sterling's over-valuation will damage manufacturing.
Against that background, it would be foolish to attempt to make any precise prediction about the timing of sterling's entry.
There is a precise parallel there in sterling's high value.
