Mr. Paul Volcker, United States Treasury Under Secretary for Monetary Affairs, briefed French Finance Minister?
GV ext. Ministry of Finance building.
SV int. left to right Volcker and D'Estaing.
CU sign Finance Ministry office.
MV ZOOM in to CU PAN D'Estaing and Volcker seated in D'Estaing's office.
SV ext. Volcker leaving building and surrounded by press (2 shots)
GV Volcker's car away.
Initials HW/0203 HW/0253
Script is copyright Reuters Limited. All rights reserved
Background: Mr. Paul Volcker, United States Treasury Under Secretary for Monetary Affairs, briefed French Finance Minister Mr. Giscard D'Estaing on Tuesday on President Nixon's package of economic reforms.
After the meeting he said he did not expect a major conference to be held on the monetary problem, but French officials reflected a 'serious and even dangerous situation'.
Britain is seeking a Ministerial meeting with the 'Group of Ten' leading industrial nations, and with the Six European Common Market countries. The Finance Ministers of the Six Common Market countries are to meet in Brussels on Thursday to review how they will deal with the problem.
Belgium has been openly critical of the U.S. decision to stop buying gold at the present rate of exchange.
In West Germany, Professor Karl Schiller, Economics and Finance Minister, flew to the North Sea island of Sylt to consult Chancellor Willy Brandt on the monetary situation at his holiday villa.
Foreign exchanges all across Europe were closed on Tuesday for the second day running, and could remain shut for the rest of the week.