§ Sir Michael Shawasked the Chancellor of the Exchequer if he will make a statement about the meeting of the European Community Finance Council in Luxembourg on 4 June.
§ Mr. LawsonI represented the United Kingdom at this Council.
Ministers exchanged views on issues to be discussed at the London economic summit, including the US budget deficit, interest rates and international debt.
The Council agreed in principle to increase the ceiling on the Community loan mechanism from 6 billion to 8 billion ecu (£4.8 billion).
Ministers also discussed: the options for implementing a system of stricter budgetary discipline as provisionally agreed at the March European Council; tax measures to encourage co-operation between undertakings in different member states; European innovation loans; and non-life insurance services.