§ Mr. BurnsTo ask the Chancellor of the Exchequer if he will make a statement on the most recent meeting of European Economic and Finance Ministers.
§ Mr. Kenneth ClarkeThe Economic and Finance Council of the European Union met in Brussels on 5 December. I represented the United Kingdom.
ECOFIN discussed the Commission's recommendation for the broad guidelines for the economic policies of member states and of the Community under the new procedures of article 103 of the treaty. ECOFIN agreed a report to the European Council containing the draft guidelines. The treaty requires the European Council to agree conclusions on the basis of this report which will then be translated into a formal Council recommendation at a subsequent meeting of Finance Ministers. The recommendation will not have legally binding force.
There was a short discussion on the likely content of the Commission White Book on growth, competitiveness and employment. I said that it was unfortunate that the Commission had been unable to prepare a full draft of its White Book in time for it to be considered by the ECOFIN before the European Council. The Commission circulated the text on 6 December and copies have been placed in the Library of the House.
There were no formal votes.