European Community Finance Council

HC Deb 18 February 1982 vol 18 cc183-4W

Mr. Whitney

asked the Chancellor of the Exchequer if he will make a statement about the meeting of the European Community Finance Council in Brussels on 15 February.

Mr. Ridley

This was the first Finance Council under the Belgian Presidency. The only item on the agenda was the European Monetary System. It was agreed that the Commission should make proposals for possible ways of strengthening the mechanisms of the EMS and increasing the role of the ecu without changing the existing institutional framework. The Council will consider these proposals at its next meeting with a view to reporting to the March European Council.

Ministers also discussed monetary relations between the Community and third countries, especially the USA.