Vol. 412 No. 6
94 Mr. J. Bruton asked the Minister for Finance if he will outline the precise aspects of economic policy on which he believes the European Council ought to be empowered to instruct member states, in accordance with article 103 (2) of the Luxembourg draft Treaty on Union of the European Community, on economic and monetary policies.
The role of the European Council in the formulation of broad economic policy guidelines for member states is part of the wider question of the respective roles of Community institutions which both Intergovernmental Conferences are currently discussing. Whatever the outcome of these discussions, it is unlikely that the Treaty will specify the precise aspects of member states' economic policies which should be covered by guidelines: that issue is likely to be determined by Council on a pragmatic, learning-by-doing basis. In view of this and having regard both to other provisions of the draft Treaty and to the principle of subsidiarity, I would feel that the guidelines should, at this stage, be addressed primarily to broad budgetary aggregates and to general policy issues of Communitywide relevance.
