§ Mr. Anthony CoombsTo ask the Chancellor of the Exchequer if he will make a statement on the outcome of the latest meeting of the European Community's Economic and Finance Council.
§ Mr. LawsonThe ECOFIN Council met in Brussels on 12 December. I represented the United Kingdom.
The Council agreed in principle on two own resources implementing regulations, successors to 2891/77 and 2892/77, and agreed on declarations to cover arrangements after 31 December until the new regulations are formally adopted.
The Council agreed the Commission's annual economic report for 1988–89 as amended in discussion with member states.
The Council reached a common position on the draft directive on own funds of credit institutions and on the draft directive on public offer prospectuses.
The Council agreed that the Commission's proposals for the abolition of fiscal frontiers need further study by the new Commission and the Council.
The Council agreed a two-year extension modifying a Danish derogation on traveller's allowances.
The Council agreed on proposed increases in the limits on travellers' allowances and tax relief for small consignments within the Community.
The Council heard a proposal from the Commission for a further instalment of the New Community Instrument (NIC V).