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present. 1y happening In Swe den) won Id read 1n t.hat. a serio u s plea, on t.he slde of poi 1ny makers, t.owards a high level of ewployment. and t.owards expana1on.

(7) The e x t. e n t. of d 1 r e o t. measures for speo 1 a 1 joh oreatlon programmea, and not only thelr evaluat. 1on crlt.erla, s ho u Id he agreed at t.he International level, sińce    the flscal ad j us t.men t.s , t.hat. such measures make necessary to adopt, conld reverberat.e upon prlces and, thiift, upon relat.1ve coiipe 11 1.1 venes s . Recause of t.hls, t.he hest. way, and t.he one t.o he pursued In the longer run, won ld he t.o finance such measures hy an Increase In Indlrect. t.axes (value added, or an addlt. 1onal t. ax on consumpt. łon goods), whlch wonld not. he horne hy export.ed commod i t. i es ; however, this mlght. he 1nconven1ent. In t.he short.er run, sińce 11. could contrIhut.e to develop a pressure on prlces In * the moment. when expans1ve pollcies hegln to t.ake off, whlch wonld he undeslrahle.

(8)    Morę In generał t.he efforts t.owards expans1on t.hrough »acro-pol1des and t.owards add 11.1 ona 1 eroployment. .programmes should he dlfferent. lated aaong count. rles. The rule for such a d1fferent.1at.1on should he est.ahl Ished In advance and madę t.o apply qu1 te aut.oiiat 1 ca 1 1 y . Such a rule should he 1 1 n k e d t.o sonę Indlcat.ors of t.he trend of t.rade Imhalances w i t. h 1 n t.he group of count. rles part. 1 cipa t. Ing t.o t.he agreement., so t.hat. t.hose whlch tend t.o have a surplus 1 n t.helr ha lance of t.rade wlt.h respect. t.o t.he others should he t.hose whlch are hound t.o practlce morę generously hot.h expans1ve and joh creat.lon pollcies. This at.t. it.ude could hecome cont.rarilct.ory 1n t.he longer run, sińce such pollcies pos1t.1vely contr 1 hut.e t.o growt.h, welfare and product. 1 v 1 t.y. T t. will he odd, thus, t.o limit, t.he henefit.s t.hat the weakest. among the partnera could get.. However, 1t. is a sort. of 'must.' a t. t.he heginning, when t.he rlfiks and t.he possihle cost.s, 1n t.erms of inflatInn and ahove all in t.erms of International Imhalances, are hlgher. Recause of t.he same reason 1t. wonld also he bett.er t.hat. the ext.ent. of such pollcies he larger for t.hose count.rles whlch have a hlgher t.rade surplus and a Iow er rat.e of Inflat. łon In a h s o 1 u t. e t. e r m s .

(9)    A good way of weakenlng t.he effect.s of t.he contradlct.lons

riescriheri unrier (8) wonld he t.hat. of reconvert.log t.he use of F.uropean funda ,    1 n such a way as t.o make morę resonrces flow

t.owards t.he count.rles whlch have hlgher unemp 1 oynen t. rat.es or Infra-European t.rade defldt.s.

(10)    A further Import.ant. 1 m p 1 1 c a 1.1 o n (t.he nlnt.h one) 1 s t.hat t.he whole group of agreelng count.rles should a1» at. ref lat. 1 ng the forelgn denand for t.he goods produced wit.hln the area. This can he pursued hy t.wo coordinat.ed set.s of measures. On one slde prov1d1ng a system of gnarant.ees and loans almed at. fost.erlng t.he t.rade het.ween t.he area and a relevant. group of new develop1ng count.rles. On t.he other slde hy prowot.ing long term cont.racts het.ween such count.rles and pools of flrms helonglng t.o dlfferent. count.rles wit.hln t.he area.