Europe's Finance And Trade

Chronicle (Levin), 5 September 1949, Page 5

Europe's Finance And Trade

Received Sunciay, 7 p.m. PARISj Sept. 3. Tlie Consultative Assembiy reeorde-d .its first important decision today by voting in favour of all praetieal steps to restore the inter-convertibility of European eurrencies, says Reuter's Strasbourg correspondent. It came after nearly two hours of debate during wliieh several speakers ^ought to strengthen the wording. The following decision, in the form of a request to tlie conuuittee of Ministers, was adopted: — " To take all praetieal steps to establish as quickly as possible a multilateral sysjem of payments including the festoration of the interconvertibility of European currpncies subject to safeguards necessary to enalde the moveinent of eapital whieh would be controlled during the transitional period." The Assemblj' also asked the' Ministers to create permanent maeliinery for consult ation on eredit poliey between tlie Gentral Banks and for the eoordination of a eredit poliey. Two moves to introduce the question of curreney devaluation failed. The Assembiy adopted a eladse in the economic conimittee's report including, first ly, a request to the committee of Ministers to call an eeonomie eonference of all member states and their overseas associates and territories; secondly, a request to take action to establish a European economie union and extend the existing preferential syslems to the whole trading area of meniber eountries. The Assembiy voted in favour ot sending a delegation to negotiate with the. United States on Europe's economic plight. The delegation, whieh would be appointed by the committee of Ministers, would express tlie, common economic poliey of member states and seek a n odifivation of existing treaties, particularly in lowering American customs tariffs. The delegatioil would also negotiate with other interested Governments.