§ 84. Mr. Grimond
asked the Chancellor of the Exchequer if he will make a statement on the progress of the talks between the European Payments Union countries.
§ Mr. Maudling
I assume that the hon. Member is referring to the meeting of European Ministers which, following on a decision of the O.E.E.C. Council, was held in London under my right hon. Friend's chairmanship on 15th and 16th July to discuss some of the problems of trade and payments in Europe which would arise if any of the major currencies were made convertible. These are questions which need time for examination and their orderly solution is a necessary precondition of any practical consideration of a move forward. There was general agreement on the importance of maintaining the level of trade in these circumstances and O.E.E.C. will' undertake further studies of the measures, including the need for adequate credit, necessary to ensure this.