§ Mr. John MarshallTo ask the Chancellor of the Exchequer what details he has of the exchange controls in force in other EC countries.
§ Mr. NelsonThe 1988 capital liberalisation directive (88/361/EEC) prohibits exchange controls between member states, except in certain limited circumstances. However, four member states—Ireland, Greece, Portugal and Spain—enjoy a derogation which allows them to234W retain certain restrictions. In the case of Ireland and Spain, the remaining restrictions are due to be lifted by the end of this year. In the case of Portugal and Greece, the restrictions may be retained up to the end of 1995 if the Council agrees an extension to their derogations.