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Tuesday, 12 May 1987
Page: 3049

The following notices were given:

Mr Langmore to move-

That in view of the severe constraints on global economic growth and on the development of lower income countries caused by severe trade imbalances, high real interest rates, massive debts of many countries, historically low commodity prices, and industrial and agricultural protection

This House urges the Group of Seven major Western industrial countries (the G7-the United States, Japan, Federal Republic of Germany,. France, Britain, Italy and Canada) to-

(1) co-ordinate their national fiscal and monetary policies so as to reduce trade, exchange rate and interest rate imbalances and instability

(2) strongly encourage current account surplus countries to adopt expansionary macroeconomic policies so as to increase their imports and stimulate world trade,

(3) reduce their wasteful military expenditure and urge Warsaw Pact countries to do the same so as to reduce fiscal imbalances, reduce interest rates and increase resources for economically and socially useful activity,

(4) establish facilities through the International Monetary Fund and the World Bank for phased, partial debt forgiveness and rescheduling,

(5) support a new issue of Special Drawing Rights by the International Monetary Fund allocated to developing countries to allow relaxation of their balance of payments constraints, and to

(6) convene a global conference on reform of the international monetary system.

Mr Lionel Bowen to present at the next sitting a Bill for an Act to provide for the reporting of certain cash transactions and transfers, to establish a Cash Transaction Reports Agency and to impose certain obligations on financial institutions in relation to the opening of accounts, and for related purposes.