§ Sir Anthony Meyerasked the Chancellor of the Exchequer if he will make a statement about the meeting of the European Community Finance Council in Brussels on 17 November.
§ Mr. LawsonI attended the Finance Council, which met under Luxembourg presidency, in place of my right hon. and learned Friend the Chancellor of the Exchequer.
The main business of the Council was to agree a negotiating position for the Community in the forthcoming meeting of participants to the consensus on terms for medium and long-term export credit. The negotiating mandate agreed was based on an immediate increase in minimum interest rates of 1 per cent. for rich and intermediate countries and of 0.6 per cent. for poorer countries, and we agreed to hold further discussions in 1981 on the arrangements for fixing minimum interest rates. Ministers also exchanged views on the economic, financial and monetary issues likely to be raised at the meeting of the European Council on 1 and 2 December.
Following the discussion of recycling at the October Council, the Commission presented to the Council a draft regulation amending the Community loan mechanism, the Community's recycling facility. The Council remitted the Commission proposal to the committee of permanent representatives for consideration and will revert to it at a later date.
The Commission also made a statement on its communication to the Council on energy and economic policy. The Council will consider the communication at its December meeting.