§ Sir Geoffrey Howe:
The Council continued its work towards establishing a Community position for the negotiations under way in the group of countries participating in the consensus on export credit. These negotiations concern possible changes to the guidelines. The Council affirmed its desire to reach a Community position before the next meeting of the consensus group and decided to return to the issue at its next meeting on 17 November.
The Council considered the use of the remaining 100 meua of the second tranche of the new Community instrument (Ortoli facility) and agreed in principle that loans could be extended on housing and advance factories on similar conditions to loans from the European Investment Bank.
The chairman of the Monetary Committee presented a report on recycling. The Council was in broad agreement with the Committee's views and asked the Commission to submit a proposal for the next Finance Council amending regulations 397/75 and 398/75 establishing the Community loan mechanism. It invited the Monetary Committee to pursue its studies of other aspects of recycling.129W
After an initial discussion of a Commission communication on energy and economic policy, the Council asked the Committee of Permanent Representatives to prepare for further consideration at a future Council meeting.