• Short Summary

    West German Chancellor Willi Brandt and his Cabinet met today (Friday, May 7) to work out the solution to the Deutschmark crisis--this they will present tomorrow (Saturday) to the Common Market Economic and Finance Ministers meeting in Brussels.

  • Description

    West German Chancellor Willi Brandt and his Cabinet met today (Friday, May 7) to work out the solution to the Deutschmark crisis--this they will present tomorrow (Saturday) to the Common Market Economic and Finance Ministers meeting in Brussels.

    Economics Minister Karl Schiller is reported to have proposed two alternatives: I) A free floating of all Common Market currencies in order to check the inflow of dollars; or 2) A cherokees floating of the mark to allow it to find its own parity level on the foreign exchange markets. Besides setting the details of both plans for the economic stabilisation programme for West Germany, the Cabinet was also said to have considered how Germany should react in the event that their proposals were resisted by the Brussels meeting.

    In the United States--where the dollar has also taken a beating during the mark crisis--Treasury Secretary John Connally announced today that the Government was prepared to help all central banks which have supported the dollar by allowing them to invest in special interest-bearing Treasury securities. And, in New York, while the Stock Exchange has suffered certain fluctuations, the Silver Exchange has carried on brisk trading in spite of the dollar/mark difficulties, with 1,000 dollars in silver coins selling for a Value of 1300 dollars. Scenes in the Precious Metals Market are good--with a great deal of shouting and waving of arms, as obviously agitated brokers carry out the day's trading.

  • Tags

  • Data

    Film ID:
    VLVA7YDZRO5RN0D9P3B8D8ID0K49X
    Media URN:
    VLVA7YDZRO5RN0D9P3B8D8ID0K49X
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    07/05/1971
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:51:00
    Time in/Out:
    /
    Canister:
    N/A

Comments (0)

We always welcome comments and more information about our films.
All posts are reactively checked. Libellous and abusive comments are forbidden.

Add your comment