European Council of the Hague, 29-30/11/1976

The European Council met in The Hague under the Dutch Presidency on 29 and 30 November 1976 to discuss the economic situation in the member states, which had improved only slightly in recent months. The economic policy to be followed still needed to be differentiated according to the member state. Deficit countries had to follow a strict monetary, fiscal, and income policy in order to reduce the balance of payments deficit and inflation rates, break the cycle of currency devaluations and price increases, and thus restore a climate of confidence as soon as possible. Countries that did not face external constraints and could expect a slowdown in price increases again had to develop domestic demand.
On the other hand, the European Council emphasized the importance it attaches to maintaining good relations between the Community and Japan and to affirming the strong desire to develop relations for the benefit of both the Community and Japan. The Council also dealt with the issues of the Conference on International Economic Cooperation, the Tindemans report on [creating] a European Union, and matters of international terrorism.