§ Mr. Dykesasked the Chancellor of the Exchequer if he will make a statement about the meeting of the European Community Finance Council in Brussels on 6 July.
§ Sir Geoffrey HoweThis was the first Council under United Kingdom presidency. I took the chair and the Financial Secretary represented the United Kingdom. There was an exchange of views on problems arising in monetary relations between the Community and third countries. It was agreed that those member States taking part in the forthcoming economic summit in Ottawa would take into account the approach evolved by the European Council last month. The Council also carried out its second quarterly review of the economic situation within the Community.
There was a further discussion of export credits in preparation for the September Finance Council, which will consider what position the Community should adopt at the consensus talks in October.
The Council also continued its discussion of the Commission's proposals for renewing the new Community Instrument which allows the Community to borrow in the markets for on-lending to investment projects in member States.