§ 22. Mr. Nicholas BennettTo ask the Minister of Agriculture, Fisheries and Food what progress is being made by the European Community towards the abolition of monetary compensatory amounts by 1992.
§ Mr. MacGregorThe United Kingdom has made it clear that we regard it as essential to abolish monetary gaps by 1992 if we are to achieve the benefits of a single market in agriculture. With this objective, the Council with our strong support and pressure in 1987 agreed to a mechanism to dismantle newly-created monetary gaps in stages following each EMS realignment; and in July 1988 that the existing fixed monetary gaps should be eliminated in four stages by 1992. The Commission is to report on how to remove variable monetary gaps and solve the other transitional problems which will arise.