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green pound meaning

"green pound" in a sentence

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  • noun
      The agreed value of the pound used to express EU farm prices in sterling and to measure the level of Britain's contribution under the Common Agricultural Policy

  • [Economics]
    A notional unit of currency, used as part of the European Community's Common Agricultural Policy (CAP). The green pound was devised when the shift to flexible exchange rates in the early 1970s led to the prices of farm products fixed under the CAP becoming unstable when translated into UK pounds sterling at market exchange rates.

Examples

  • The introduction of the euro in 1999 also ended the use of green exchange rates such as the green pound.
  • Between 1992 and 1995 the green pound was devalued by over 20 %, raising Common Agricultural Policy prices by over 27 %.
  • The green pound ended with the introduction of the euro in 1999, since when all payments have been based on the euro exchange rate.
  • Some economists argue it is designed to prevent a revaluation of the " green pound rate, " which would reduce the level of EU subsidies paid to Irish farmers.
  • By this time the then European Economic Community ( now the European Community )'s Common Agricultural Policy and the value of the green pound was having a direct impact on farming.
  • In February 1989 Sir Simon Gourlay, President of the NFU, attacked the Thatcher government for maintaining the level of the green pound while sterling fell, a call he repeated a year later.
  • Between November 1996 and May 1998 the value of the green pound increased by nearly 20 % as it was revalued five times as sterling strengthened, with the Bank of England observing that this had caused'severe problems'in the agricultural sector.
  • Instead, they continued to use a form of fixed exchange rates for agricultural support, resulting in the so-called'agricultural conversion rates'or'green exchange rates', including the green pound after the United Kingdom's accession to the EEC on 1 January 1973.
  • On January 23, 1978, following a campaign by the Callaghan Government was defeated in a vote in the House of Commons when a Conservative amendment to devalue the green pound by 7 . 5 %, rather than the 5 % devaluation proposed by the Government, was passed with the support of other opposition parties and some Labour backbenchers.

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What is the meaning of green pound and how to define green pound in English? green pound meaning, what does green pound mean in a sentence? green pound meaninggreen pound definition, translation, pronunciation, synonyms and example sentences are provided by eng.ichacha.net.