In Bonn on ??? (13 February), the West German Chanceller, Helmut Schmidt, met with United States Treasury Secretary Michael Blumenthal to discuss problem relating to foreign exchange rates and to methods of establishing the value of the American dollar.
SV PAN INTERIOR: United States Treasury Secretary Michael Blumenthal precedes Chancellor Helmut Schmidt into room and they sit down.
SCU: Mr. Blumenthal and Herr Schmidt seated.
CU: German Finance Minister Hans Apel and Economics Minister Otto Lambsd?rff seated.
CU: U.S. Under-Secretary for Monetary Affairs Anthony Solomon and West German Finance Minister designate Hans Matthoefer.
LV: Group seated.
SV PAN: Herr Schmidt and Mr. Blumenthal rise and leave.
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Background: In Bonn on ??? (13 February), the West German Chanceller, Helmut Schmidt, met with United States Treasury Secretary Michael Blumenthal to discuss problem relating to foreign exchange rates and to methods of establishing the value of the American dollar.
SYNOPSIS: The discussions between Mr. Blumenthal and Herr Schmidt lasted for almost three hours. Afterwards, Mr. Blumenthal said that West Germany had pledged its help in dealing with severe changes which have been hitting the dollar on the foreign exchange markets. He added that they had also talked about earlier measures taken to avoid what he termed disturbing movements in exchange rates. Because of these movements, America had to support the dollar earlier this year.
Also present were the outgoing German Finance Minister, Herr Hans Apel, the Economics Minister, Herr Otto Lambsdorff, as well as United States Monetary Affairs Secretary. Anthony Solomon, and the new German Finance Minister, Herr Hans Matthoefer. According to Reuters, Chanceller Schmidt and his colleagues said they were determined to collaborate with the United States to see that the dollar was not subject to ??? movements in the world currency markets