§ Mrs. Kellett-Bowmanasked the Chancellor of the Exchequer if he will make a statement about the meeting of the EEC Finance Council in Brussels on 17 December.
§ Sir Geoffrey HoweThe EEC Finance Council took place under Irish Presidency.
The Council adopted the annual report on the economic situation in the Community and the economic policy guidelines for 1980, noting that these took account of discussion at the November European Council.
The Council considered the action needed to follow up two other matters discussed at the European Council: the financing of the Community budget and the cost of the common agricultural policy. On the first, it noted that the Commission would in due course bring forward proposals for supplementary Community expenditure in the United Kingdom on measures designed to promote greater economic convergence. On agriculture, the Council considered how best to implement the European Council's instruction that Finance Ministers should be associated with discussion of the Commission's proposals for improving the balance and containing the cost of the common agricultural policy. The Council agreed various procedural arrangements to enable it to carry out this remit.
The chairmen of the monetary committee and the central bank governors committee reported on the discussion that had been taking place in their committees on the setting up of a European monetary fund.