INTRODUCTION: The leaders of West Germany and Britain called for a concentrated drive towards world economic recovery by the United States, Japan and the big industrial nations of Europe, on Monday (24 January).
MV Photographers PAN TO GV Callaghan, Schmidt and Crosland seated on platform
MV Schmidt speaking and Callaghan listening
TRANSCRIPT: SEQ. 2: SCHMIDT: "I fully agree with what the Prime Minister has stated that other countries have to...some degree, rely upon and hope for a stimulation of the German economy, but I would hasten to add that the German economy as such is just too small to help the rest of the world. It's...what is really necessary...is a concerted operation between the American economy, the Japanese economy, and some of the European economies, including ours. And this is exactly what I hope is going to be brought about in the next couple of months, and what is going to be finally...sealed off, is that the word ... at the Economic Summit when it comes, let us believe in May or so.
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Background: INTRODUCTION: The leaders of West Germany and Britain called for a concentrated drive towards world economic recovery by the United States, Japan and the big industrial nations of Europe, on Monday (24 January). At a news conference held following their weekend talks at Chequers, Britain's Prime Minister, James Callaghan, and the West German Chancellor, Helmut Schmidt, said the world's industrial countries should aim at a coordinated policy, not necessarily with each nation doing the same thing at the same time. Mr. Callaghan pointed out that not all nations had the same priorities. Britain still had to fight inflation.
SYNOPSIS: But Chancellor Schmidt emphasised that the effort should be made not only by West Germany.