In Belgium, the Common Market Finance Ministers held a meeting in Brussels on Monday (20 November), to discuss a proposal to introduce a European Monetary System.
GV TILT DOWN E.E.C. Council building in Brussels
SV President of Council (Monetary Committee)
CU Belgian delegate
SV & CU Delegate
SV German delegate
SV French delegate
SV Irish delegate
SV Dutch delegate
SV TRACKING SHOT ALONG Delegates seated by conference table
GV PAN Conference in session
Informed sources after the meeting said the Common Market members had reached provisional agreement on the question of Italy's dependency upon any common monetary system. They said Italy would be allowed to let the Lira fluctuate up to six per cent either side of a central rate. Because Italy has one of the Community's weakest economies it was argued that the idea margin of fluctuation was necessary so that the central Italian bank would not have to pay out more reserves than it could afford to stabilise its currency on the exchange market.
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Background: In Belgium, the Common Market Finance Ministers held a meeting in Brussels on Monday (20 November), to discuss a proposal to introduce a European Monetary System. The E.M.S. is intended to stabilise currency fluctuations and would take effect next January.
SYNOPSIS: The talks were held in the Common Market Finance Council. Delegates from the nine member nations discussed plans for a common European currency, an issue which is expected to be a major topic at the Common Marketing summit meeting in December. The scheme was originated by France and West Germany who want it to commence on the first of January next year. Italy has expressed willingness to join, but Britain, which depends less on European trade than other members, is still undecided. The issue also concerns European Foreign Ministers, since it could entail the separation of the British and Southern Irish currencies, if Britain does not join the scheme.