§ 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 7 February.
§ Mr. RidleyMy right hon. and learned Friend the Chancellor of the Exchequer, represented the United Kingdom at this Council. The main item discussed was the Commission's proposal to renew the new community borrowing and lending instrument for promoting investment in the Community. Ministers agreed that there should be a ceiling of 3 billion ecus—about £1,650 million—and that the release of individual tranches should be decided by qualified majority voting in the Council. There will now be discussions with the European Parliament before the regulation is adopted.
The Council also approved the text of the presidency's statement for the International Monetary Fund interim committee meeting and considered the topics likely to arise at that meeting.