Common Market Ministers met in an emergency session in Brussels on Saturday (8 May) to discuss the currency crisis brought about by the past week's massive inflow of U.
GV EXT Building
SV PAN INT Minister gather
CU Scheel arrives
CU Schiller arrives
CU Belgian Minister (centre, tallest)
CU Schiller talking
CU Italian Minister
SCU PAN Dutch Minister
SV Ministers seated, pressmen leave
Initials BB/0056 OJP/MR/BB/0000
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Background: Common Market Ministers met in an emergency session in Brussels on Saturday (8 May) to discuss the currency crisis brought about by the past week's massive inflow of U.S. dollars into Europe. West Germany's mark has been worst-hit by the influx. West German politicians and their E.E.C. representatives have favoured allowing the mark to "float"...ie to establish its own level on the international market...if no Community action is taken. At the emergency session West Germany's Economics Minister, Professor Karl Schiller, suggested that all member-countries allow their currencies to do this, however the proposal is reported to have met with a generally cool reception. France and Italy, in particular, seemed certain the idea was not plausible. However, late in the evening, the executive commission of the E.E.C. recommended that central banks of the member-countries be allowed to "float" their currencies to put a brake on speculators.