Europe's Common Market leaders met in Holland on Monday (29 November) for a two-day summit meeting to seek ways of keeping their inflation-plagued economies from drifting further apart.
Europe's Common Market leaders met in Holland on Monday (29 November) for a two-day summit meeting to seek ways of keeping their inflation-plagued economies from drifting further apart. They were trying to limit the impact of expected oil price rises later this year, and looking for ways to redress their trade balances with Japan.
SYNOPSIS: Britain, represented by Prime Minster James Callaghan and Foreign Minister Anthony Crosland, is one of the main sufferers from having a trade imbalance with Japan. It is the one country threatening to split the Community over farm price subsidies.
The Community is also trying to evolve a policy on the Third World. Its conference with developing nations in Paris. France, is threatened with a break-down because of lack of progress. Several Community members feel that a conciliatory gesture towards Third World demands would have a moderating effect on oil producers, due to meet in late December to fix higher oil prices.
West Germany, however, is reluctant to concede to such demands. The Ministers are expected to issue a statement criticizing Japan for not doing enough to cut its massive trade surplus with the Common Market. They are expected to call for fairer trade relations between the two sides, and for Japan to cut its exports and open up its he markets.