§ Mr. Knowlesasked the Chancellor of the Exchequer if he will make a statement on the outcome of the latest meeting of the European Community's Council of Economic and Finance Ministers.
§ Mr. BrookeThe EC Economic and Finance Council met in Brussels on 10 March. I represented the United Kingdom.
The Council considered a report by the European Court of Auditors on the 1984 Community budget, which was introduced by the president of the court. I underlined the need for continued vigilance to ensure effective implementation of Community spending and prevention of fraud.
The Council had a preliminary discussion of the application of budgetary discipline to the 1987 Community budget. It is intended to set the formal reference framework at the Council's meeting on 28 April.
The Council reviewed the economic situation in the Community.
609WThe Council had a discussion on international debt, on the basis of a report from the Monetary Committee. The report, which emphasises the importance of continuing the case by case approach to debt problems, was generally endorsed by the Council.
The Council's agenda included also a possible Community mandate for OECD discussions on tied aid financing for exports, and tax measures to encourage cooperation between undertakings in different member states. These matters will be taken forward at future Councils.