European Commission meeting following Nixon’s announcements in the USA

Following the decision of US President Richard Nixon to suspend the convertibility of the dollar to gold and simultaneously introduce a 10% surcharge on imports, the European Commission is meeting to assess the implications of this decision. In its statement, the Commission expresses concern about the negative consequences that will be caused to international trade and more generally to international economic and monetary relations by these decisions. However, it is convinced that member states will adopt a coherent approach to dealing with the situation and declares itself available to work towards this direction. Finally, it states that the Community and the USA, in a spirit of cooperation, will overcome the existing difficulties.