European Common Market Finance Ministers agreed on Friday (9 November) to step up their fight against inflation.
GV EEC building, Brussels
SV Delegates arrive and go through door
Delegates in groups talking
GV Delegates seated at conference
SV Irish delegates greet others
SV Danish delegates seated
SV President of Commission
SV Anthony Barber talks
SV German delegation
SV French delegation
GV Conference tables
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Background: European Common Market Finance Ministers agreed on Friday (9 November) to step up their fight against inflation. No concrete decisions were taken at their meeting in the Belgian capital, Brussels, but the Ministers set themselves a target: to agree on a programme at their next session on the 3rd and 4th of next month.
Several proposals were put forward by the French Finance Minister, Monsieur Giscard D'Estaing. He is reported to have told his EEC colleagues that their fight against inflation was at a crucial turning point. World food and raw material prices were stabilising and the US balance of payments situation had improved. But balanced against this was the expected increase in the EEC members' internal demand, and the rise in energy prices that the oil crisis would bring.
The British Chancellor of the Exchequer, Anthony Barber, also suggested trade liberalisation measures to fight inflation. But he warned the Community against fixing unrealistic target figures in their anti-inflation drive, saying any decision they took must be "realistic and credible, and not a pious hope."
Prospects also brightened at the meeting for the Common Market to move into the second stage of the plan for economic and monetary union on time at the beginning of next year.
The Denish Finance Minister, Per Haekkarup, who presided at the meeting said all nine ???bere were in a position to move into stage two. However he said there "would be ???eat celebration on January the first," and the changes that could take places would be modest.
Before the meeting, there were considerable doubles that West Germany, Holland and French, were ready to move into the new stage. But E.E.C. sources said that although these doubts had been lifted the Nine were still no closer to arising on what the new stage should contain.
SYNOPSIS: In the Belgian capital, Brussels on Friday, Finance Ministers of the European C??? Mark???greed to step up ???ght against inflation. ??? concrete decisions were taken. But the Minister set themselves a target -- to agree on a programme at their next session early next month.
Several proposals were put forward by the French Finance Minister, Monsieur Giscard D'Estaing, and the British Chancellor of the Exchequer, Mr. Anthony Barber. M. Giscard said the fight against inflation was at a crucial turning point. World food and raw material prices were stabilising, and the United States balance of payments had improved.
Danish Finance Minister, Per Haekkerup, who presided at the meeting, told delegates there were good prospects for the Common Market to move into the second stage of the plan for economic and monetary union at the beginning of next year. But he said, there would be no great celebrations.
Before the meeting, there were considerable doubts as to whether West Germany, France and Holland, were ready to move into State Two.