§ 58. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer if he has any statement to make on the recent discussions in Brussels between the Finance Ministers of the Western Pact Powers.
§ Mr. JayA full communiqué was issued after the meetings, and I am having this circulated in the OFFICIAL REPORT. I have nothing to add to it at the present stage.
§ Colonel Crosthwaite-EyreAs the communiqué gave no information whatsoever, would the Economic Secretary at least inform the House whether the original proposal of the Bancor system put forward by His Majesty's Government has been accepted, or whether it is the modified view of the Belgian Government, or what plan we are proceeding on?
§ Mr. JayAs the hon. and gallant Member probably knows, these suggestions are merely recommendations to the Organisation for European Economic Cooperation in Paris, and I think until these recommendations have been considered we had better not discuss them more fully.
§ Following is the communiqué:
§ The Ministers of Finance of Belgium, France, Luxembourg, the Netherlands and the United Kingdom met in Brussels on 28th and 29th April in accordance with Articles (1) and (7) of the Treaty of Brussels of 17th March, 1948. They discussed economic and financial problems of common concern in the light of the European Recovery Programme.
§ As regards the longer term problem of achieving economic equilibrium, they agreed to recommend that the representatives of their Governments on the Organisation for European Economic Co-operation should be instructed to sponsor appropriate action in the Organisation They also agreed to recommend to their Governments to take all steps within the frame-work of the convention of the O.E.E.C. which would strengthen the economic ties between them
§ They approved in principle proposals for facilitating inter-European payments in the period covered by the European Recovery Programme. They directed their experts to put these proposals into a form suitable for presentation to the O.E.E.C. Arrangements were also made by the Ministers to provide for the necessities of the immediate situation.
§ The recommendations made by the five Ministers are attached:
§ The Ministers of Finance of Belgium, France, Luxembourg, the Netherlands and the United Kingdom met in Brussels on 28th and 29th April in accordance with Articles (1) and (7) of the Treaty of Brussels of the 17th March, 1948. They have agreed to make the following recommendations to their governments: