§ Mr. Chapmanasked the Chancellor of the Exchequer if he will make a statement on the latest meeting of the European Community's Economic and Finance Council.
§ Mr. BrookeThe Community's Economic and Finance Council met in Brussels on 9 February. I represented the United Kingdom.
The Council approved, by qualified majority, a Commission proposal on export credits, revising the details of the negotiating mandate on tied aid credits agreed by the Council in April 1986. The proposal, which the Commission is putting forward in OECD discussions, is intended to increase discipline in the use of tied aid credits, thereby reducing their distorting effect on international trade.
The Council had an exchange of views on the international monetary situation and on the economic situation in the Community. Discussion on the latter will continue at the Council's March meeting.
544WAt my request, the Council also discussed the Commisison's proposal to delay reimbursement to the Member states of losses incurred on the disposal of butter stocks, which was considered substantively by the Council of Agriculture Ministers.