• Short Summary

    The present and future members of the Common Market are holding a two-day meeting in London to discuss plans for rebuilding the world's international monetary system, after the collapse of the dollar as its central currency last August.

  • Description

    The present and future members of the Common Market are holding a two-day meeting in London to discuss plans for rebuilding the world's international monetary system, after the collapse of the dollar as its central currency last August.

    The first three-hour session on Monday (17 July) reached an accord on eight points. They included agreements that the new system should be based on convertibility of currency that it mustn't stop the Common Market plans for monetary integration and that short-term money flows should be controlled.

    While these preliminary agreements by the six Common Market countries and the four entrant nations were worked out with relative ease, the real test for the ten nations will come when they try to elaborate these objectives in more detail.

    British Chancellor of the Exchequer Anthony Barber, Chairman of the meeting of finance ministers, said that the reform process being initiated at the London meetings must be under way in September with a sense of urgency and that "the time has come to pass from lip service to action."

  • Tags

  • Data

    Film ID:
    VLVAE64UID7CPILLLIP0XIXPZFYXY
    Media URN:
    VLVAE64UID7CPILLLIP0XIXPZFYXY
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    17/07/1972
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:00:34:00
    Time in/Out:
    /
    Canister:
    N/A

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