§ Mr. Teddy TaylorTo ask the Chancellor of the Exchequer what restrictions remain on the movement of capital and currencies within each European Economic Community nation which participates in the exchange rate mechanism of the European monetary system; and what assurances have been given about their removal.
§ Mr. Lilley[holding answer 13 November 1989]: A number of Community countries still retain some form of exchange control. The capital liberalisation directive requires most member states to remove all remaining restrictions on movements of capital within the Community by 1 July 1990. Ireland, Spain, Greece and Portugal are required to comply with the directive by the end of 1992, although the last two (which do not participate in the exchange rate mechanism) may be permitted a further extension to the end of 1995.