§ Mr. Dorrell
asked the Chancellor of the Exchequer if he will make a statement about the meeting of the European Community Finance Council in Luxembourg on 15 June.
§ Sir Geoffrey Howe
The Finance Council met under Netherlands Presidency. There was a discussion of the Commission's proposals for renewing the new Community instrument which allows the Community to borrow in the markets for on-lending to investment projects in member states. There will be a further discussion in July.
The Council resumed its discussion of the draft insurance services directives, which would give insurers freedom to operate across frontiers within the Community. Progress was made on the key problem of authorisation. The Council aims to reach a conclusion at its meeting on September 17.468W
The Council also discussed the economic situation in preparation for the European Council on 29–30 June.