§ Lord Brougham and Vauxasked Her Majesty's Government:
What was the outcome of the latest meeting of the European Communities Economic and Finance Council
The Paymaster General (The Earl of Caithness)The ECOFIN Council met in Brussels on 12th March. Before the formal meeting of the Council, my right honourable friend the Chancellor of the Exchequer attended the lunch at which prospects for German monetary union were discussed. The Chancellor also stressed the importance of making good progress in establishing the European Bank for Reconstruction and Development, and emphasised the attractions of London as its location
During the formal Council, the Economic Secretary represented the United Kingdom. A common position was established on the proposal to revise the financial perspective which sets out EC budgetary ceilings. A Council declaration identifying areas in which further measures against EC budget fraud are needed was also agreed. The Economic Secretary stressed the importance of simplifying the relevant EC legislation, improving reporting by 1636WA member states and agreeing on administrative sanctions. The Court of Auditors' Annual Report for 1988 formed the basis of an agreed opinion on the discharge of the 1988 budget.
Revised Council decisions on the promotion of economic convergence and co-operation between central banks during Stage 1 of EMU were formally adopted, and the Council took note of reports on multilateral surveillance of members states' economies during Stage 1 from the Monetary Committee, the Economic Policy Committee and the Committee of Central Bank Governors. The Economic Secretary also stressed the need for early proposals from the Commission and a discussion in the Council on technical VAT and statistics systems after 1992.