§ Sir Brandon Rhys Williams
asked the Chancellor of the Exchequer what steps he is taking to accelerate the development of a fully integrated European market for capital.
§ Mr. Ian Stewart
A fully integrated European market for capital will not be possible until all member states dismantle controls on the movement of capital, as the680W United Kingdom did in 1979. I have been encouraged by recent moves in this direction in France and Italy. The ECOFIN Council on 16 June had a general discussion on the liberalisation of capital movements in the Community, in particular on the recent proposals by the European Commission for the achievement of full liberalisation by 1992. There was general support for the Commission's objectives. This topic is being given priority during the United Kingdom Presidency of the Community, and it is hoped that in the first instance a new Council directive designed to extend the current liberalisation obligations can be adopted by the Council later this year.