Finance Ministers from the European Economic Community met in London on Tuesday (7 January) to plan a united approach to the problems involved in recycling the oil producing countries' huge surplus of funds.
GV EXTERIOR Lancaster House
SV INTERIOR PAN FROM Photographers TO Ministers
CU Belgian Minister M. Clercq PAN TO Mr. Healey and other ministers
SV PAN FROM Nameplate TO French Minister M. Fourcade
SV Mr. Duisenberg (Netherlands)
SV Mr. Andersen (Denmark)
SV M. Vouel (Luxembourg)
SV S. Colombo (Italy).
SV Healey (Britain) seated
Initials CL/1936 CL/1946
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Background: Finance Ministers from the European Economic Community met in London on Tuesday (7 January) to plan a united approach to the problems involved in recycling the oil producing countries' huge surplus of funds.
The Ministers are preparing for next week's Washington meeting of the "Group of 10", key members of the International Monetary Fund (IMF) who are trying to devise the best ways of meeting the challenge of the five-fold increase in the price of oil.
The Ministers favour the approach suggested by the host of this week's meeting, British Chancellor of the Exchequer Denis Healey. This involves the I.M.F. setting up an oil facility at attractive interest rates so the oil producers will be induced to contribute sizeable sums.
The nine E.E.C. countries are much less enthusiastic about a United States plan to establish a 25,000 million dollar (about GBP11,000 million sterling) fund amongst industrialised western nations to be re-lent to those most in need.
At the end of the first day of the two-day meeting the Ministers agreed to push for the creation of a pool of about 10,000 million dollars (about GBP4,000 million sterling), under I.M.F. control, to be used by deficit nations.