France and the eight other members of the European Economic Community (E.E.C.) failed to agree?
GV Kissinger and other delegates arriving at conferences (3 shots)
The participants of this conference, possibly with one exception want to prepare for a joint meeting of producers as well as consumers. All of us seem to feel that -- on the one hand-such co-operation is finally necessary if we want to prevent the world economy from lapsing into a combination of deep recession and accelerating inflation. The question of how to get there seems, so far, to be under dispute; and I have the feeling that it is not only a procedural dispute but, as I hinted, that some underlying political considerations play a certain part."
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Background: France and the eight other members of the European Economic Community (E.E.C.) failed to agree on Tuesday (12 February) on United States' initiatives to deal with the world oil crisis.
France refused to agree to the formation of a new co-ordinating group to plan for a meeting between oil-producing and consuming countries, forcing the second day of the conference of 13 oil-consuming nations to be postponed.
The French Foreign Minister, M. Michel Jobert, argued that the energy crisis and monetary and economic implications would be better discussed at a meeting of all members of the United Nations, or by existing International Organisations, such as the Organisation for Economic Co-operating and Development, the International Monetary Fund or the World Bank.
The Foreign Ministers of the eight other E.E.C. member countries decided to go ahead without France and sign a communique endorsing the main American proposals.
The West German Finance Minister, Herr Helmut Schmidt, said the split with France could have "grave consequences for Common Market unity."