– (FR) Madam President, Mr President-in-Office of the Council, Commissioner, during the Asian crisis in 1997, as with those which hit Mexico in 1995 or the EMS in 1993, everyone could see the damage caused to the economies of entire countries by financial speculation, particularly currency speculation.

Whereas Article 6 of Regulation (EEC) No 1677/85 provides for the gradual and automatic dismantlement of negative monetary gaps created between two realignments within the European Monetary System; whereas such dismantlement involves, in particular, the adjustment of the agricultural conversion rates in such a way as to eliminate, at the beginning of the marketing year which follows the realignement, 25 % of any newly created transferred monetary gaps; whereas, in accordance with paragraphs 3 and 4 of the said Article, the prices fixed in ecus and, as far as the need arises, the amounts fixed in ecus under the common agricultural polic ...[+++]y are reduced during the dismantling stage in question so as to neutralize the increase in prices in national currency which arises as a result of the adjustment of the agricultural conversion rates;

This is because the risk that now exists, even within the E.R.M., of a realignment of currencies would be finally removed.

The Sterling's movement has been falling over the last months against most EMS currencies.