European Common Market (E.E.C.) finance ministers met in Brussels on Wednesday (February 14) to discuss?
GV Charlemagne building
CU 'President' sign ZOOM President of Council
SCU 'President Comite Monetaire' sign, ZOOM OUT President
SV German Minister Schmidt
CU 'United Kingdom' sign
SV Mr. Barber seated
SV Italian delegate seated
GV PAN Delegates at conference table
CHARLEMAGNE BUILDING; PRESIDENT OF COUNCIL; GERMAN, UNITED KINGDOM AND ITALIAN FINANCE MINISTERS; CONFERENCE IN PROGRESS.
Initials ESP/0048 ESP/0036
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Background: European Common Market (E.E.C.) finance ministers met in Brussels on Wednesday (February 14) to discuss the aftermath of the international currency crisis and its impact on the community. The main object of the meeting was to examine the situation created by the Italian decision to float the Lira and to make the necessary arrangements to offset its impact on the unified EEC farm pricing system.
The emergency meeting is the first of the finance ministers since the world monetary situation reached crisis point. However, the ministers of France, Britain and Germany had met in Paris last Friday. The main elements of the attempted solution to the crisis has been a ten percent devaluation of the U.S. dollar, the floating of the Japanese Yen and the Lira. The Lira is one of the weakest EEC currencies.
SYNOPSIS: European Common Market finance ministers discussed the world monetary crisis in an emergency meeting in Brussels on Wednesday. In the aftermath of the crisis, Europe's main concern was the effect of Italy's decision to float the Lira, and planning for similar crises which may occur in the future.
German, British and French ministers had met earlier but this was the first discussion of the crisis by all EEC finance ministers. The floating Lira means the community must adjust its farm pricing system.
Italian Treasury Minister, Giovanni Malagodi, had to explain his government's reason for floating the Lira which in recent months has been one of the weakest EEC currencies along with Sterling.