Common Market Finance Ministers meeting at the historic Versailles Palace on Thursday (4 November) could not immediately agree on a common position for the forthcoming Rome meeting of leading industrialised countries to discuss the world monetary crisis. Some ministers wondered whether it would be worthwhile going to Rome if they could not agree on one major issue.... the extent to which the community currencies would be revalued against the American dollar in any international parity realignment. France's Finance Minister, M. Giscard D'Estaing told newsmen later the Common Market would press the United States for a commitment to devalue the dollar. It would not be, he thought, the only key to the world monetary crisis, but could help solve many problems. The main stumbling block for the Finance Ministers of the E.E.C. has been the deep-rooted divergence between France and West Germany.

SYNOPSIS: At the historic Palace of Versailles on the outskirts of Paris, on Thursday, Common Market Finance Ministers gathered to decide a common position for the forthcoming meeting of leading industrialised countries in Rome, which will discuss the world monetary crisis. M. Giscard D'Estaing and Herr Schiller were among the first to arrive.

The Ministers could not immediately agree on a common position, and some expressed doubts on the wisdom of going to Rome when they could not agree on a major issue....in this case, the extend to which the community currencies would be revalued against the American dollar in any international parity realignment.

Newsmen were told later the Ministers would press the United States for a commitment to devalue the dollar. A stumbling block for the E.E.C. has been the divergence of opinion between France and West Germany.