§ 39. Mr. Martenasked the Chancellor of the Exchequer if he will make a statement on the precise measures adopted by 120W Ministers in the European Economic Community at their meeting on 30th and 31st October about inflation and price stability.
§ Mr. NottAt its meeting in Luxembourg, the Council of Ministers decided to try to reduce the rate of increase of consumer prices to 4 per cent. between December, 1972, and the end of 1973. It agreed to adopt appropriate monetary and budgetary policies to this end. It also agreed on measures in the fields of agricultural, competition and employment policies. Not all the precise measures it adopted are applicable to the acceding States; but the Resolution records the agreement of the acceding countries, including the United Kingdom, with the Council's objectives and their readiness to take action to promote their achievement. Moreover, the acceding countries will play a full part in considering proposals about possible anti-inflationary action in the field of commercial policy, which the Commission may be making before 31st January. The official text of the Resolution agreed by the Council of Ministers will be published in due course in the Official Journal of the European Communities, and will then be available in the Library.