Allister welcomes clarity on Sterling Equalisation moves
08 April 2009
Traditional Unionist Voice MEP Jim Allister has welcomed clarification received from the European Commission that it does not support currency equalisation schemes. Mr Allister had tabled a question to the Commission asking if it would permit a Sterling equalisation scheme, as being called for by the Irish Farmers Association and Irish Exporters Association.
The MEP commented,
“A Sterling Equalisation Scheme, as being called for by the Irish in light of the strong Euro to Pound exchange rate differential, which is undermining the competitiveness of Southern Irish meat exports, would have been detrimental to UK producers, and in my view would have been in direct contravention of EU competition rules.”
“While the exchange rate was in the Republic’s favour, UK product was consistently undercut by cheaper imports from ROI. Now that the shoe is on the other foot, I am pleased that the Commission has clearly stated its intention not to permit such an unfair scheme to be established. I trust Northern Ireland producers will be able to fully benefit from the opportunities which have arisen from the weak Pound.”
ENDS
