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Thus the plan could be approved
the year is out.
-12-
which appears likely -- before
.....
.
The variable figures in the size of the ECU fund's back-ing .(ranging
from $25 billion or $30 billion up to $50 billion) ·reflect the fact
that no one knows for sure now how many EC countries, and/or others,
will join the project, inspired mainly by West German Chancellor
Schmidt (who is totally dismayed over the fall of the dollar) and
French President Giscard d'Estaing. It is felt the Benelux countries
have no choice but to line up behind it. Italy -- in hock to Bonn -
has reservations, but probably also no choice. Some think non-members
Austria, Switzerland and the Scandinavians may also join up.
Tl1e big question is Britain. Will the British be willing to cornmit
:rnch huge amounts of money to a fund they can't control by thernselves?
'l'he current small EC treasury is one thing -- but this is another
matter entirely. The British also have grave reservations about being
ordered around by the West Germans and the French. The new plan is
most definitely not London's creation.
Reports the Christian Science Monitor's Elizabeth Pond: "The new
political will of West Germany and France in promoting this currency
cooperation is a striking development. West German Chancellor Helmut
Schmidt ...is showing his resolve with the unprecedented volunteering
of one-fifth of ample ·west German foreign reserves for a common
European pool."
One has the feeling tpat when the dust settles in Europe a few months
from now, we could be witnessing a quite different economic arrange
ment among the nations than presently exists in the Common Market today.
--Gene H. Hogberg, News Bureau