CHANGE FROM ECU TO THE EURO

Motion Text

That this House, recognising that the change from ecu to euro in setting agricultural support intervention and market prices has been deeply damaging to the financial returns of UK agriculture and of farmers generally, because the ecu would have reduced disparities in exchange rates where the euro now heightens them when the pound is overvalued and the euro in decline, a process further compounded because the change to euros was coupled with the reduction of compensation arrangements; and therefore urges Her Majesty's Government to insist on a special compensation scheme for British agriculture, financed by the EU which has caused the problem, so as to offset the consequences for British agriculture of the fall in the value of the euro and the excessive valuation of sterling.