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European Community(Council Of Ministers)

Volume 960: debated on Friday 15 December 1978

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asked the Chancellor of the Exchequer if he will make a statement reporting the business transacted at the EEC Finance Council on 18th–19th December 1978.

31st December 1972 and the latest available date ;

(4) in which 10 principal Common Market industries investment capital emanating from the United Kingdom exceeded the total value of such capital entering the United Kingdom from the Common Market for investment in the same 10 industries in the United Kingdom during the last 12 months.

Estimates of EEC investment in the United Kingdom private sector and United Kingdom private investment in the EEC for the years 1973 to 1977 inclusive are given in table 14.1 of "United Kingdom Balance of Payments 1967–77" and details from this table are shown below. The figures for 1977 are provisional.

The Finance Council met in Brussels on 18th December 1978 under German Presidency.The Council discussed a number of questions concerning the establishment of a European monetary system as a follow-up to the European Council on 4th–5th December. In this connection the Council considered a regulation for changing the value of the unit of account used by the European Monetary Co-operation Fund. The Council also agreed a Regulation enabling the European Monetary Co-operation Fund to receive deposits of reserves from Member countries and to issue ECUs in return. These were agreed subject to French Waiting Reserves.The Council approved in principle a decision for increasing the ceiling of the medium-term financial assistance facility.The Council took note of a report from the Chairman of the Committee of Central Bank Governors on technical aspects of the European Monetary System. The Council also took note of a report from the Chairman of the Co-ordinating Group and approved proposals to expand the work of the Group on economic convergence in accordance with the conclusions of the European Council. The Annual Economic Report and Guidelines for 1979—R/2723/78—were approved.