§ Mr. Nicholas BennettTo ask the Minister of Agriculture, Fisheries and Food what progress is being made by the European Community towards the abolition of monetary compensatory amounts by 1992.
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§ Mr. MacGregorFollowing pressure from the United Kingdom Government, the Council and the Commission have agreed that the completion of the internal market requires the abolition of monetary gaps, and therefore of monetary compensatory amounts.
The devaluations which took place on 1 January this year included an agreed first step in dismantling United Kingdom monetary gaps, and the Commission's price proposals for 1989–90 envisage the next step being taken in the current price negotiations.
The Commission is to report later this year on how the process of dismantlement should be completed.