• Short Summary

    Agricultural ministers from member countries of the European Economic Community have been meeting in Brussels for talks on the world currency crisis of the previous week.

  • Description

    Agricultural ministers from member countries of the European Economic Community have been meeting in Brussels for talks on the world currency crisis of the previous week.

    After a three-hour discussion on Monday (19 February), the nine ministers agreed to accept proposals from the EEC Commission giving them powers to compensate for the effect on farm prices of the downward flotation of the Lira and Pound Sterling.

    The decision is expected to cost the Common Market's farm fund about 100 million "units of account" - equivalent to pre-devaluation US dollars - a year. This is on the basis of a Lira downfloat of 10 per cent and a six per cent drop in the Pound Sterling.

    About three-quarters of the money will go to Italy, and most of the balance to the United Kingdom.

    The nine ministers were expected to spend at least two days discussing EEC agricultural matters.

    SYNOPSIS: At the Brussels headquarters of the European Economic Community, agricultural ministers from the nine member countries have been meeting to consider the effect of last week's world currency crisis.

    The Community's Commissioner for Agriculture, M. Pierre Lardinois, reported a proposal from the European Commission for a scheme of compensating farmers for losses resulting from the downward floating of the Italian Lira and the British Pound.

    After three hours of discussion, the ministers agreed to the proposal. It's expected to cost the community an annual hundred million "units of account" - that's a theoretical currency equivalent to the pre-devaluation United States dollar. The sum was worked out on the basis of the Lira dropping ten per cent and the pound falling six per cent. About three quarters of the compensation will go to Italy, and most of the rest to Britain.

  • Tags

  • Data

    Film ID:
    VLVA1I737SF9MI18C8J5KY2IYR269
    Media URN:
    VLVA1I737SF9MI18C8J5KY2IYR269
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    20/02/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:01:00
    Time in/Out:
    /
    Canister:
    N/A

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