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Ec Expenditure

Volume 130: debated on Thursday 31 March 1988

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To ask the Prime Minister what is her latest estimate of the amount to be spent by the EEC in the current year, in the light of currency movements since the meeting of the European Council; and if she will make a statement.

The draft budget for 1988 established by the Council of Ministers on 7 March for total expenditure of 44·7 billion ecu (£31·0 billion) in commitments and 43·4 billion ecu (£30·1 billion) in payments. Both sums include 1 billion ecu (£693·6 million) for a monetary reserve to cover the effects on agricultural guarantee expenditure of substantial unforeseen movements in the ecu/dollar exchange rate. The European Parliament has the right under the treaty to add a further 380 million ecu (£263·6 million) in commitments and 341 million ecu (£236·5 million) in payments to the Council's figures.