Economic and Financial Affairs Council, 589th Session

On July 16, 1979, the Council of Ministers of the European Community convened for its 589th session under the Presidency of George Colley, Irish Minister of Finance and acting President of the Council, at the Charlemagne building in Brussels. François-Xavier Ortoli, Vice-President of the Commission of the European Communities, responsible for Economic and Financial Affairs, Credit and Investments, and the Statistical Office, participated in the meeting. The Council conducted the second quarterly review of the economic situation in the Community. The Council reviewed the work to be carried out in the coming months in the field of the European Monetary System. The Council established a common approach regarding the draft regulation on the subsidization of certain loans granted within the framework of the European Monetary System. It agreed to communicate this to the Greek delegation as part of the consultation process in view of Greece’s accession. The Council also established a common approach regarding the Community’s position on its participation in the OECD Arrangement on Export Credits for Ships and its amendment. It also agreed to communicate this to the Greek delegation.