DOLLAR GAP IN EUROPE

Press, Volume LXXXVIII, Issue 26869, 23 October 1952, Page 9

DOLLAR GAP IN EUROPE

( BRITISH CALL FOR \ “STRONG POLICY” PARIS, October 21. Britain today called for stronger government policies by creditor countries in the Western world to narrow the dollar gap. „ Sir Arthur Salter, the British Minister of State for Economic Affairs, told the 18-nation organisation for European Economic Co-operation, meeting in Paris, that while debtor countries like Britain did not want to minimise their responsibilities, a residual gap was still bound to remain after debtors had made every possible effort to make their efforts competitive. Without referring specially to the United States. Sir Arthur Salter said that when restrictive measures w® re imposed bv the debtor countries they tended to narrow the gap, but when imposed by creditors they tended to widen it. He said that the dollar problem was the most serious of all economic aiwculties under survey. He listed sucn measures as high tariff barriers, import restrictions, and export subsidies which widened the gap. “Simultaneous Action” The dollar problems could be solved only by the simultaneous action of three different groups —the European countries, the United States, and the Commonwealth, Britain’s Foreign Secretary (Mr R. A. Eden) declared. He was speaking at a press conference after the meeting of the Ministerial Council of 0.E.E.C., at which he presided. Mr Eden said that no precise arrangements had been made for an international economic conference, it had been suggested, however, that the three groups—European countries, tne Commonwealth, and the United States -“Should come together.