• Short Summary

    Finance Ministers from 14 nations met in Paris on Friday (16 March). After six hours?

  • Description

    Finance Ministers from 14 nations met in Paris on Friday (16 March). After six hours of negotiations they had reached full agreement on an international solution to the currency crisis which has disrupted world currency markets in recent weeks.

    The way is now clear for normal foreign exchange market operations to resume on Monday for the first time in nearly three weeks.

    West German Finance Minister Helmut Schmidt told reporters after the meeting that there had been an amazing degree of co-operation, particularly between the United States and the European Common Market.

    Herr Schmidt said the two principal elements of the agreement were the participation of the United States in supporting the Dollar and co-operation among the participating countries in the control of international liquidity. Herr Schmidt added that the monetary system had broken down and that it is now very important to find a new one.

    The meeting, at the headquarters of the Organisation for Economic Co-operation and Development, grouped the nine European Common Market Countries, the United States, Canada, Switzerland, Japan and Sweden. It was also announced that Sweden had officially joined the Common Market system under which six Community nations will float collectively against the Dollar and that Norway would follow suit.

    SYNOPSIS: Finance Ministers from fourteen nations met in Paris on Friday. After six hours of discussions they announced full agreement on an international solution to the currency crisis which has gripped the world's money markets recently.

    The way is now clear for normal foreign-exchange market operations to resume on Monday...the first time for nearly three weeks. The meeting, at the headquarters of the Organisation for Economic Co-operation and Development, grouped the nine European Common Market countries, the United States, Canada, Switzerland, Japan and Sweden.

    The two principal elements of the agreement were the participation of the United States in supporting the Dollar and co-operation among the participating countries in the control of international liquidity. Sweden also agreement to join the Common Market system under which six Community nations will float their currencies collectively against the Dollar. Later, Norway announced it would follow suit.

  • Tags

  • Data

    Film ID:
    VLVA6PPQKXAI6NUEGO5AEGP3O5MIN
    Media URN:
    VLVA6PPQKXAI6NUEGO5AEGP3O5MIN
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    16/03/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:00:00
    Time in/Out:
    /
    Canister:
    N/A

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