§ Mr. HindTo ask the Chancellor of the Exchequer if he will make a statement on the outcome of the latest meeting of the European Community's Economic and Finance Council.
§ Mr. LilleyThe Ecofin Council met in Brussels on 7 November. I represented the United Kingdom. The Council discussed the economic situation in the Community in preparation for the Rhodes European Council on 2–3 December. The Council discussed a draft directive on own funds at credit institutions and agreed further work was necessary before the Council considered the matter again. The Council discussed a draft directive on public offer prospectuses and agreed further work was necessary before the Council considered the matter again. The Council discussed a Commission proposal on a replacement regulation for 2892/77 on arrangements for collection of VAT own resources and agreed to consider the matter again at the December Ecofin. The Council agreed to discuss a Commission proposal on the financing of major infrastructure projects (financial engineering) at the December meeting. The Council agreed to review the draft second banking co-ordination directive and its reciprocity provision at the December Ecofin.