The Union Seeks Response to Monetary Policy and Nixon’s Decisions on Imports to the USA

In light of the decision by US President Richard Nixon to suspend the convertibility of the dollar to gold and simultaneously introduce a 10% surcharge on imports, the European Commission announces that it will convene the following day, on August 17, to discuss and assess the implications of this decision. At the same time, it expresses the view that member states should adopt a coordinated stance in order to, firstly, safeguard their interests and, secondly, contribute to restoring balance in the international monetary system.