The Six Common Market Finance Ministers, who are meeting in Brussels to discuss the dollar crisis caused by President Nixon's attempt to halt American inflation, have decided that exchange markets would probably reopen after the weekend.
MV Common Market Ministers arriving (2 shots)
MV Giscard d'Estaing (France) arriving (SOF)
MV Dr Schiller (U. Germany) arriving
MV INT. Meeting in progress
TRANSCRIPT: (SEQ. 2): REPORTER: "The German position is different from France's. How are you going.......?
GISCARD d' ESTAING: Yes, yes, but it has been since (indistinct) so it is not a new situation, which will change in the last three months.
REPORTER: Have you heard what the British Chancellor might be bringing, what proposals the British.......?"
GISCARD d'ESTAING: No, not yet, no."
Initials SGM/0250 SGM/0302
Script is copyright Reuters Limited. All rights reserved
Background: The Six Common Market Finance Ministers, who are meeting in Brussels to discuss the dollar crisis caused by President Nixon's attempt to halt American inflation, have decided that exchange markets would probably reopen after the weekend.
A Washington spokesman for the Six said today (Thursday 19 August) that the market countries would resume foreign trading on Monday (23 August).
The decision was apparently reached after the French delegation, led by Economics Minister M. Giscard d'Estaing, added weight to reopening proposals.
SYNOPSIS: Finance Ministers of the six Common Market countries are meeting in Brussels to sun up plans to combat the dollar crisis. Foreign exchanges are due to reopen on Monday, but no decision was reached on Thursday on methods to overcome the financial crisis.
The French are against having to revalue the franc, but the Germans, led by Economics Minister Doctor Schiller, are generally in favour offloating the market exchange rates. America already considers the Deutschmark is greatly undervalued against the dollar, and the Germans -- who already refloated the mark this year -- have most at stake.