§ Mr. David EvansTo ask the Secretary of State for Trade and Industry, what was the outcome of the Council of Ministers' discussions on the Investment Services Directive on 8 July.
§ Mr. RedwoodNo member state was able unconditionally to accept the text of the Dutch Presidency compromise on regulated markets; France and her allies in particular were not prepared to accept the text as a basis for negotiation. Further discussion was deferred pending reflection by the Commission and the Presidency about how they wish to proceed. A table round revealed considerable differences of views between member states.
I shall shortly be writing to the House of Commons Select Committee on European Legislation and the House of Lords Select Committee on the European Communities explaining the situation in more detail.