asked the Minister for Finance if he will make a statement on the results of his visit on 3 to 4 April 1981 to the informal meeting of the European Council of Finance Ministers.
Ceisteanna — Questions. Oral Answers. - European Council of Finance Minister's Meeting.
29.
Informal meetings of the Council of Ministers (Economics and Finance) take place at irregular intervals. The purpose of these meetings is to give Ministers an opportunity to have an informal and frank exchange of views on topics of current interest. I would, however, stress the usefulness of such exchanges of views which lead to a better understanding all round of the economic problems of the Community and of individual member states and thus pave the way for formal decisions.
The proceedings of informal meetings of Ministers are, as are those of formal Councils, considered confidential. Nevertheless, I can inform the Deputy, as already indicated to the press, that we had an exchange of views about the Community's preparations for the IMF interim Committee and the Joint Development Committee of the IMF and the IBRD. We also discussed at some length the Community's unemployment problems in the context of the Community's macro economic policy. I stressed the need for a concerted Community approach to the solution of the problem and warned against the danger of deflationary policies forcing the Community further into recession and thus postponing the expected upturn in the international economy. I stressed the need for further investment in order to strengthen the Community economy. Ministers had an exchange of views also on the restructuring of the Community budget and I pointed out, as the Community Heads of State had already done, that any such restructuring could not call into question the basic principles of the common agricultural policy. I further reminded my fellow Ministers of the need to use the Community budget and its component parts as an instrument to reduce the disparity between the weaker and the stronger regions of the Community.
Was any decision taken at that meeting?
No. The Deputy is aware that decisions are not taken at informal meetings.
Did I understand the Minister to say that he warned his European colleagues on the range of matters he mentioned in his answer?
I said a number of times that I "stressed" the need.
Did he warn them about something?
I do not warn. Could I draw the Deputy's attention to the fact that the Leader of his Party says we are not forceful enough in Europe and the Deputy is saying we are being too forceful. Which do they want?
Reliability.
The Minister can resume his roaring and bellowing, which I first heard when he was on this side of the House, when my Leader is over there, which will be in the not too distant future.
That will be some time yet.
Would the Minister tell the House how his European colleagues received these warnings about financial restraint, about the need to fight inflation, about the vital necessity of maintaining investment? How did they receive those warnings when they had in their files our disastrous record, the details of which the Minister has been giving us all afternoon, as they were squeezed out of him?
(Interruptions.)
Would the Deputy please allow the Minister to reply?
The Deputy will appreciate that some of the message did get across, particularly to the extent that it was agreed that productive investment should be encouraged to try to tackle the enormous unemployment problems in the Community.
A final supplementary.
When the Minister was tendering these helpful hints to the Foreign Ministers——
A question, please.
——and Finance Ministers of Holland, Denmark and Germany——
Please Deputy, a question.
When the Minister was giving those people these helpful few hints, was he sufficiently candid to contrast for them the unemployment, inflation and investment figures, the balance of trade figures over which he presides, with the figures bequeathed to him by the outgoing Government in 1977?
I think I should put the record straight and remind the Deputies that despite the difficulties I have spoken about, as a member of the Community we have come through on the employment scene far better than many of our colleagues, although they are far more industrially developed.
(Interruptions.)
The remaining questions will appear on tomorrow's Order Paper.