Peter Greenaway doesn't usually do things by halves. "It's about two guys in Geneva who set up a private bordello," the director says of his new film, 81¼2 Women. The "two guys" are a father and son; the father is a wealthy businessman whose wife has just died, and the son is obsessed with earthquakes. The duo go to ever more outlandish extremes in pursuit of their sexual fantasies.

Greenaway cheerfully rattles off some of the film's key themes: the Madame Butterfly Syndrome, the pregnant woman, the whore with a heart of gold, a fascination with horses - "all those stereotypical male fantasies which have been a part of cinema for 100 years."

Part of his inspiration came from Fellini's 81¼2, perhaps surprising given that Greenaway has been accused of cold-hearted formalism - a charge never levelled at the Italian maestro. "Fellini made extraordinarily baroque films," Greenaway points out. "Let's put aside for one moment the Roman Catholicism and the particularly Italianate nature of them. They are visually extremely rich. And for me, 81¼2 is perhaps the greatest film ever about the process of film-making."

The two cities in which 81¼2 Women is set both have seamy undersides. Geneva, Greenaway points out, became a hotbed of prostitution after the fall of the Wall, while Kyoto has its own, equally exploitative Geisha tradition. 81¼2 Women also touches on many of its director's favourite hobby horses, his interest in numerology, and his curiosity about the clash between east and west.

The financing was put together by Greenaway's regular producer, Kees Kasander. "He always finds the money for everything I want to do - it's an extraordinarily privileged position."

Greenaway describes 81¼2 Women as "a laconic, comedic film", although he accepts that the subject matter is bound to upset some audiences. "When two men set up a bordello at the end of the 20th Century, we're going to be in for some accusations at the very least of being politically incorrect," he says. Male fantasy may be the motor behind the movie but, Greenaway insists, "the women end up on top." Geoffrey Macnab