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Economic And Finance Council

Volume 124: debated on Friday 11 December 1987

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To ask the Chancellor of the Exchequer if he will make a statement on the outcome of the latest meeting of the European Community's Economic and Finance Council.

The ECOFIN Council met in Brussels on 7 December. I represented the United Kingdom. The Council discussed the Commission's annual economic report for 1987–88. The report was agreed as amended by the Commission in the light of discussion with member states.The chairman of the Economic Policy Committee gave an interim report on the committee's economic evaluation of the Commission's proposals for the abolition of fiscal frontiers. It was agreed that the committee should produce a full report, which is expected in March 1988.The Council discussed the draft 18th VAT directive, but no agreement was reached. The Council agreed to continue work on a draft directive dealing with the prospctus to be published when transferable securities are offered to the public.