‘E.E.C. Not Halting Economic Slide’

Press, Volume CI, Issue 29913, 29 August 1962, Page 13

‘E.E.C. Not Halting Economic Slide’

(N.Z. Press Association—Copyright) MOSCOW, August 28. The integration of the six members of the European Common Market had been unable to prevent a deterioration in the economic situation of Western Europe, a Russian economic academician said in Moscow.

The academician. Dr. A Arzumanyan, was addressing an international conference attended by representatives of Marxist-Leninist science from 23 countries in Europe, Asia and America, the British United Press said. He said that in 1961-62 the rate of growth of industrial production in Western countries had fallen off sharply Dr. Arzumanyan, presenting a report on “The Common Market: Its Economic and Political Problems.” described the Common Market at “an empire of giant monopolies exploiting millions of working people.” He said the monopolies had

prevented a general price fall, which might have followed a reduction of tariff duties. At the same time the net profits of 35 of the largest trusts in the Common Market countries had risen 2.7 times between 1957 and 1961.

“Sovietskaya Rossiya" today published an article entitled “Common Market in the Hands of Colonisers,” which said that the Western Powers were making every effort to make the backward countries stay in the Common Market and to entangle them with shackling economic commitments. “Thus West European members are promising to the young African States various customs privileges, considerable economic aid and so forth. ‘‘But in reality the trade policy of Western Powers Is designed to preserve African States as their agriculturalraw materials appendages, to prevent the weakening of their economic dependence on their former metropolitan territories. “In fact the question is about the creation of a united front of imperialist powers with the aim of increasing the economic exploitation of underdeveloped countries and infringing their political independence," it said.