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Note was taken by the three Governments of the emergency action which sterling area countries have decided to take to meet this situation. These measures are not pleasant ones ; they will cause difficulties and sacrifices for everyone concerned. Nevertheless, they are a temporary necessity, .and are recognized as such by all three Governments. 5. The Ministers were in complete agreement that no permanent solution to the problem could be found in the emergency steps contemplated. A more fundamental attempt would have to be made by .all concerned to expand the dollar earnings of the sterling area and to increase the flow of investment from the North American continent to the rest of the world, including the sterling area. 6. This more fundamental attempt would involve both separate actions of the three countries operating individually, and joint action by the three acting in co-operation with each other. In approaching these possibilities of individual and joint action on the sterling-dollar problem, there was common agreement that this action should be based on the assumption that extraordinary aid from the North American continent would have to come to an end by the middle of 1952. This would require that the sterling area increase its dollar earnings so as to pay its way by 1952. This would require in the sterling area the creation of appropriate incentives to exporters to the dollar area and a vigorous attack upon costs of production to enhance the competitive position of sterling area products. Maximum efforts would be made to direct ■exports to the dollar area and build up earnings from tourism and other services. As a part of this export campaign by the sterling area countries it was recognized that an essential element was the creation of a feeling •of confidence on the part of sterling area exporters. They must feel that they will be afforded the opportunity to remain in the markets of the United States and Canada in which they will have gained a place, and that the minimum of difficulties will be placed in their way in entering those markets. On their part the creditor countries undertook to facilitate, to the greatest extent feasible, an expansion of dollar earnings by debtor •countries, including the sterling area. It was agreed that the United States and Canada should reduce obstacles to the entry of goods and services from debtor countries, in order to provide as wide an opportunity "as possible for those countries to earn dollars through the exports of goods and the provision of services, including tourism. It was recognized that such a policy would be in the interest of producers in the United States and Canada, for only in this way can the future level of trade provide adequately for those sectors of the American and Canadian •economies which depend in considerable part upon foreign markets.