§ Mr. Madelasked the Chancellor of the Exchequer if he will make a statement about the meeting of the European Community Finance Council in Brussels on 11 July.
§ Mr. LawsonI represented the United Kingdom at this Council, which was the first under Greek Presidency.
The economic situation in the Community was reviewed by Ministers, and I joined the Commission and other Ministers in emphasising the importance of firm control over budgetary deficits to avoid prejudicing our gains on inflation. There was also a general discussion of the prospects for the international monetary system.
Ministers also discussed the Community position on the OECD export credit consensus negotiations. It was agreed that the Community would seek a further extension of the existing arrangements pending agreement on a Community position.