§ Dr. Michael Clark
asked the Chancellor of the Exchequer if he will make a statement on the outcome of the latest meeting of the European Community's Council of Finance Ministers.
§ Mr. Lawson
The ECOFIN Council met in Brussels on 18 November. I represented the United Kingdom.
In the light of the conclusions of the Milan European Council, consideration was given to the question of amendment of the provisions of the Treaty of Rome concerned with monetary co-operation. No agreement was reached. This matter will receive further technical examination in the Monetary Committee.
The Council approved the grant under the Community loan mechanism of a loan of 1.75 Becu to Greece. The loan, which is subject to a number of detailed conditions, will be made available in two equal instalments. The second instalment, which will not be payable before 1 January 1987, would be made in the light of examination of the performance of the Greek economy.
There was a further discussion of the Commission's annual economic report and also of the Commission's views on indirect tax harmonisation.
The Council agreed in principle to raise the ceiling on the issue of Euratom loans to 3 Becu.
Following the lifting of a Danish reserve, the Council adopted the Directives establishing common rules for unit trusts and other undertakings for collective investment in financial securities (UCITS).