Below is the text of Mr Major’s statement on the ERM, made on 30th July 1993.
The events of last week and the weekend vindicate our decision to suspend sterling's membership of the ERM last September. As I said then, there are fault-
What we hope will emerge from the weekend's changes will be conditions that will promote economic recovery in Europe. 60 per cent of our exports go to EC countries, so the opportunity for lower interest rates and a stimulus to economic growth is welcome.
It is not in the UK's interests to see currency instability in Europe. So I understand the decision to widen the bands and stick to existing parities, rather than suspend the ERM itself.
As the Chancellor has made clear, there is no prospect of the UK returning to the ERM in the near future, and we shall continue to set monetary policy by what's right for the United Kingdom.
We have always made clear that we did not believe the time-
“In the negotiations at Maastricht I sought and secured an opt-
I stand by every word of that. The EMU time-