Common market leaders painted a gloomy picture of the immediate economic future facing the Community at the first day of their summit meeting in the Belgian capital, Brussels, on Wednesday (16 July).
GV EXT Council of Ministers' building
SV INT Newsmen
GV Giscard, Wilson and Schmidt talking
SV ZOOM INTO CU President of Council, Ortoli
SV ZOOM INTO CU Netherlands delegates and Prime Minister den Uyl.
CU Giscard seated
CU Wilson PAN TO Callaghan seated and talking
SV Schmidt talking to Giscard and French Foreign Minister Sauvagnargues
Initials BB/0345 EC/JB/BB/0400
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Background: Common market leaders painted a gloomy picture of the immediate economic future facing the Community at the first day of their summit meeting in the Belgian capital, Brussels, on Wednesday (16 July).
It was reported that French President Valery Giscard d'Estaing stressed that the problems plaguing Community economies were deeper than earlier estimated and would take longer to solve.
He insisted that other major industrialised countries -- such as the United States and Japan -- should be brought into coordinated international efforts to revitalise the world economy.
The E.E.C. leaders met in the Council of Ministers building in unusual secrecy. Many of the issues to be discussed ??? problems that have eluded solution in lower-level forums.
The entire two-day summit was taking place with only the heads of Government, and two advisers each, present in the conference room.
Topping the leaders' agenda was the future of the community now that Britain has unequivocally confirmed its membership, in a referendum last month.
British Prime Minister Herald Wilson told the first day's meeting that the Community's declared goal of economic and monetary union was unrealistic at this time, but agreed that the economic crisis called for closer cooperation within the Nine and with other industrialised states.
West German Chancellor Helmut Schmidt said a mild economic upturn predicted by many experts for later this year would occur only of the Nine closely coordinated their economic policies. He suggest member states should continue to run budget deficits if necessary to maintain public spending to protect jobs and boost economic activity.