§ Mr. Garel-Jonesasked the Chancellor of the Exchequer if he will make a statement about the meeting of the European Community Finance Council in Brussels on 14 December.
§ Sir Geoffrey HoweThis was the last Finance Council to be held during the United Kingdom Presidency. I took the chair.
220WFollowing the European Council's decision to review the progress and prospects for further development of the European monetary system at its next meeting in March, the Finance Council heard reports from the monetary committee and the committee of central bank governors on the technical studies that they have undertaken in this field. It was agreed that the Commission would, as a next step, prepare some further reflections on the subject in consultation with the monetary committee and the committee of central bank governors. The Finance Council will discuss the matter again at its next meeting in February.
The Council adopted its annual report on the economic situation in the Community and approved guidelines for 1982.
Useful progress was made in the Council's continuing consideration of the non-life insurance directive. The committee of permanent representatives will now continue work on outstanding problems and report progress to the Council by April 1982.
The Council agreed, by a qualified majority, to the inclusion in the 1981 amending budget of 62 million ECUs for social measures to help the Community's steel industry. A draft decision was adopted which will allow 80 million ECUs of loans to be provided to Greece for the reconstruction of areas affected by earthquakes in February and March this year. The loans will attract an interest rate subsidy of 3 per cent. and will be provided from either the new Community instrument or the European Investment Bank's own resources. Finally, the Council agreed the draft "interim reports" directive which establishes minimum content requirements for reports by companies listed on a stock exchange on their activities during the first half of their financial year.