§ 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 of 16 February.
§ Sir Geoffrey HoweThe Finance Council met under Netherlands Presidency. Agreement was reached on the remaining details for renewing the Community loan mechanism, which allows the Community to borrow in the markets for on-lending to member States in balance of payments difficulties as a result of oil price increases. In particular the ceiling on the facility was agreed at 6 billion ecu—about £3,100 million.
The Council had an initial discussion on the economic and financial aspects of the forthcoming agricultural price fixing. It was agreed that there would be a further discussion at the March Finance Council.
The Council also had an exchange of views on the economic situation in the Community.