I suggest therefore that we should now agree a contingency
position which gives us the substance of what we want in terms
of dealing with cumulative market disruption but which we could
present as based on the Commission proposals. This would be
tabled as a Presidency proposal when the time is right.
The enclosed draft has already been discussed by my
officials with those from your Department and from the Department
of Trade and the Cabinet Office. Officials are broadly in
agreement that its proposals would effectively meet the needs of
the UK industry and deal with cumulative market disruption.
The question of timing is crucial. The sooner we can table
our Presidency position, the less danger there is of a majority
of Member States crystallising around the Commission's proposals.
We may therefore need it at COREPER on 30 March.
I am sending copies of this minute to the Prime Minister,
members of RD and Sir John Hunt.
(DAVID OWEN)
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