§ Sir Teddy TaylorTo ask the Prime Minister why the European Council in Edinburgh concluded that the EC's monetary reserve should be halved between 1994 and 1995; and if he will make a statement.
§ The Prime MinisterThe decision was taken in the light of the recent reform of the CAP, which involves a shift away from price support towards direct payments to producers. That should make CAP expenditure progressively less susceptible to the impact of fluctuations in the dollar/ecu exchange rate.