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Full text and summary of a statement by Mr. Raymond Barre, Vice-President of the European Commission, to the European Parliament on the economic situation of the Community at the beginning of 1972. Luxembourg, 18 January 1972

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  • Economics


COMMISSION OF THE EUROPhlAN COMMUNITIES f.'tatement by Mr Raymond BARRE to the European Pa:t•liament -·---·--------------------~-------------~.~~~-~-------·--------- on the economic situation of the Community at the beginning of 1972 Luxembourg, 18 January 1972. Embargo Tuesday 18 January 10.30 a.m. collsvs Text Box User Rectangle 1 C h n; . .,..J..IT 1"1--.'r1·2~.w-1\~ P•/ c:.. ' . - - ---"-' The year which has just closed was economically and financially a time of trial for the Community. The ink was scarcely dry on the Council's Resolution concerning the phae;ed establishment of a Community economic and monetary union when the exchange relationships within the Community were thrown into disarray. Some funda~ental matters having been up to then left on one side or only very sketchily tackled, the Member States found themeelves unable to take a common line against disrupting factora from abroad. The common Agricultural policy was once again affected~ so true it is that "the ma6hinery ciavisod for its operation presupposes a sufficient measure of economic and monetary integration. When the ·international crisis reached its peak on 15 August, the monetary and commercial uncertainties it raised added to the existing difficulties of the Community. They acted as a deterrent to industry's plans for capital spending just at a time when the Community was in any case in a period of slackening growth, acaompanied by continuing inflationary stre.sseo. The Washington Agreements in mid-December to some extent allayed disquiet. The introduction of new rates of exchange is calculated to reduce monetary insecurity, and the dropping of the surcharge and the discriminatory measures the' United States had adopted or was planning to adopt serves to lessen the risk of a trade war. & I ,; •• e Arid now~. FAG thP. new yeal' opens' what are the economic -~prospects, inbirna t:Loivilly- and. fot· the Community ? + + + The movement of the internatio

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