asked the Minister for Finance if in view of the possibility of a devaluation of the pound sterling he has considered the reaction, financial and economic, of such devaluation on this country; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Devaluation of Pound.
11.
While I would not wish to express a view on the possibility of a devaluation of sterling, I can say that, in such an event, it would be necessary, having regard to the economic circumstances of this country, to continue to maintain the existing statutory position under which the Irish pound has a parity relationship with sterling. The bulk of our trade and commerce, which is with Britain, would thus be unaffected and the competitiveness of our exports to non-devaluing countries would be improved.
Could the Minister say if it would be possible to take any steps which would either offset or minimise the economic effects on this country in advance of a possible decision?
I think it would be premature to take steps to offset the possibility of devaluation in Britain. It may not happen at all and I think it would be injudicious to take action before the event.
The matter is being kept constantly under review?
Yes, very closely.
By the two Governments?
By this Government. I cannot answer for the British Government.