 y m Proper ond maen Chwylwyr, ydw i'n gallu'n pobl yn ffrwydo, mae sydd i'r dros y ddechrau i chi i'r ddelibiradau o frydy'r suffn iawn. Mae 10 diwrnod oed yn sydd eisiau fy ngosu, mae sydd yn cael ei ddiogelio'n citio amser neu oeddelio chyfnod oed yn tuolio, hi ddechrau'r ysgol yn yr blodau llun oedd,ал – some of the things that we discussed at our Summit were timeless in the sense that they belong to all times and some topical in that they belong especially to our own times. I will read to you the economic communique first, because we are primarily an economic Summit, but then I will report to you briefly on the other matters that we discussed. The economic communique, the primary purpose of these meetings is to enable heads of state or government to come together to discuss economic problems, prospects and opportunities for our countries and for the world. We've been able to achieve not only closer understanding of each other's positions and views, but also a large measure of agreement on the basic objectives of our respective policies. At our last meeting in Williamsburg in 1983 we were already able to detect clear signs of recovery from world recession. That recovery can now be seen to be established in our countries. It is more soundly based than previous recoveries in that it results from the firm efforts made in the summit countries and elsewhere over recent years to reduce inflation, but its continuation requires unremitting efforts. We have to make the most of the opportunities with which we are now presented to reinforce the basis for enduring growth and the creation of new jobs. We need to spread the benefits of recovery widely, both within the industrialised countries and also in the developing countries, especially the poorer countries, who stand to gain more than any from a sustainable growth of the world economy. High interest rates and failure to reduce inflation further and damp down inflationary expectations could put recovery at risk. Prudent monetary and budgetary policies of the kind that have brought us so far will have to be sustained and were necessary strengthened. We reaffirm the commitment of our governments to those objectives and policies. Not the least of our concerns is a growing strain of public expenditure in all our countries. Public expenditure has to be kept within the limits of what our national economies can afford. We welcome the increasing attention being given to these problems by national governments and in such international bodies as the organisation for economic cooperation and development. As unemployment in our countries remains high, we emphasise the need for sustained growth and creation of new jobs. We must make sure that the industrial economies adapt and develop in response to demand and to technological change. We must encourage active job training policies and removal of rigidities in the labour market and bring about the conditions in which new jobs will be created on a lasting basis, especially for young people. We need to foster and expand the international trading system and liberalise capital markets. We are mindful of the concerns expressed by the developing countries and of the political and economic difficulties which many of them face. In our discussion of each of the issues before us, we have recognised the economic independence of the interdependence of the industrialised and developing countries. We reaffirm our willingness to conduct our relations with them in a spirit of goodwill and cooperation. To this end, we have asked ministers of finance to consider the scope for intensified discussion of international financial issues, of particular concern to developing countries, in the IBRD Development Committee, an appropriate and broadly representative forum for this purpose. One of our problems are debt burdens. In our strategy for dealing with the debt burdens of many developing countries, a key role has been played by the International Monetary Fund, whose resources have been strengthened for that purpose. Debtor countries have been increasingly ready to accept the need to adjust their economic policies, despite the painful and courageous efforts it requires. In a climate of world recovery and growing world trade, this strategy should continue to enable the international financial system to manage the problems that may still arise. But continuously high or even further growing levels of international interest rates could both exacerbate the problems of the debtor countries and make it more difficult to sustain the strategy. This underlines the importance of policies which will be conducive to lower interest rates and which take account of the impact of our policies on other countries. Those are our objectives and our strategy. May I now set out to you the things that we have agreed? We have therefore agreed first to continue with and where necessary strengthen policies to reduce inflation and interest rates, to control monetary growth, and where necessary reduce monetary deficits. Second to seek to reduce obstacles to the creation of new jobs by encouraging the development of industries and services in response to demand and technological change, including in innovative small and medium-sized businesses, by encouraging the efficient working of the labour market, by encouraging the improvement and extension of job training, flexibility in the patterns of working time, and by discouraging measures to preserve obsolescent production and technology. We agree third to support and strengthen work in the appropriate international organisations on increasing understanding of the sources and patterns of economic change and on improving economic efficiency and promoting growth, in particular by encouraging innovation and working for a more widespread acceptance of technological change, harmonising standards and facilitating the mobility of labour and capital. Fourth, we have agreed to maintain and wherever possible increased flows of resources to the developing countries, and particularly to the poorest countries, to work with the developing countries to encourage more openness towards private investment flows, to encourage practical measures in those countries to conserve resources and enhance indigenous food and energy production. Some of us also wish to activate the common fund for commodities. Fifth, in a spirit of cooperation with the countries concerned, we confirm the strategy on debt and continue to implement and develop it flexibly, case by case. We have reviewed progress and we attach particular importance to helping debtor countries to make necessary economic and financial policy changes, particular importance to encouraging the IMF in its central role in this process, to encouraging closer cooperation between the IMF and the International Bank for Reconstruction and Development and strengthening the role of the IBRD in fostering development over the medium and long term, and in cases where debtor countries are themselves making successful efforts to improve their position by encouraging more extended multi-year rescheduling of commercial debts, and also by encouraging the flow of long term direct investment, and encouraging the substitution of more stable long term finance for direct and portfolio for short term bank lending. We agree to invite finance ministers to carry forward in an urgent and thorough manner that current work on ways to improve the operation of the international monetary system, including exchange rates, surveillance, a creation control and distribution of international liquidity and the role of the IMF, and to complete the present phase of their work in the first half of 1985 with a view to discussion at an early meeting of the IMF interim committee. The question of a further allocation of special drawing rights is to be reconsidered by the IMF interim committee in September 1984. We have agreed to carry forward the procedures agreed at Versailles, under present Metron, and at Williamsburg, under present Dragon, for multilateral monitoring and surveillance of convergence of economic performance toward lower inflation and higher growth. We have agreed to seek to improve the operation and stability of the international financial system by means of prudent policies among the major countries, by providing an adequate flow of funding to the international financial institutions, and by improving international access to capital markets in industrialised countries. We have also agreed to urge all trading countries, industrialised and developing alike, to resist protectionist pressures, to reduce barriers to trade, and to make renewed efforts to liberalise and expand international trade in manufacturers, commodities and services. And we have agreed to accelerate the completion of current trade liberalisation programmes, particularly the 1982 GATT work programme, and to press forward with the work on trade in services in the international organisations. And building on the 1982 GATT work programme, to consult partners in the GATT with a view to decisions at an early date on the possible objectives, arrangements and timing for a new negotiating round. We are also greatly concerned about the acute problems of poverty and drought in parts of Africa. We attach major importance to the special action programme for Africa, which is being prepared by the World Bank, and should provide renewed impetus to the joint efforts of the international community to help. We have considered another very important topical matter, the possible implications of a further deterioration of the situation in the Gulf for the supply of oil. And we are satisfied that, given the stocks of oil presently available in the world, the availability of other sources of energy and the scope for conservation and the use of energy, adequate supplies could be maintained for a substantial period of time by international cooperation and mutually supportive action and will continue to act together to that end. We note with approval the continuing consensus on the security and other implications of economic relations with eastern countries and on the need to continue work on this subject in the appropriate organisations. We also welcome the further report of the working group on technology, growth and employment created by the Versailles Economic Summit and the progress made in the 18 areas of cooperation. We also welcome the invitation of the Italian government to an international conference to be held in Italy in 1985 on the theme of technological innovation and the creation of new jobs. We also recognise the international dimension of environmental problems and the role of environmental factors in economic development. We have invited ministers responsible for environmental policies to identify areas for continuing cooperation in this field. And in addition, we have decided to invite the working group on technology to consider what has been done so far and to identify specific areas for further research. In the meantime, we welcome the invitation from the government of the Federal Republic of Germany to certain summit countries to an international conference on the environment in Munich in June later this year. We thank the Prime Minister of Japan for his report on the Hakone Conference of Life Sciences in Mankind, organised by the Japan Foundation in March 1984. We welcome the intention of the French government to sponsor a second conference in 1985. We believe that manned space stations are the kind of programme that provides a stimulus for technological development, leading to strengthened economies and improved quality of life. Such stations are being studied in some of our countries with a view to their being launched in the framework of national or international programmes. In that context, each of our countries will consider carefully the generous and thoughtful invitation received from the President of the United States to other summit countries to participate in the development of such a station by the United States. We welcome the intention of the United States to report to the next summit on international participation in that programme. We also consider the venue for the 11th summit and we have agreed to meet again next year and have accepted the Federal Chancellor of Germany's invitation to meet in the Federal Republic of Germany. So you see on economic matters we have not been idle over the last two days and I hope that that will give you a great deal of food for thought to write about this weekend and for many days to come. That was not the sum total of our deliberations although it was the centre of them and together with our foreign ministers and finance ministers we considered other things, we considered east-west relations, I believe you've already had a statement issued, it had two messages, the unity and firmness of western democracies and the active wish for better relationships with the eastern countries and the wish that there should be a resumption of nuclear arms control talks. We also issued a statement on the war between Iran and Iraq of our support for all efforts to bring war and human suffering to an end. We meanwhile, we wish that the conflict will not spread and we wish obviously freedom of navigation to continue and as I've indicated in the economic communique for the foreseeable future we think that the oil supply problems are manageable. We also issued a statement on terrorism, you will of course recall the previous summits have issued other statements on terrorism according to the particular problems of their time which are either hijacking or diplomatic hostages and at our initiative we have issued a statement for two recent variants of terrorism, state sponsored terrorism and the abuse of diplomatic immunity and we issued the first statement by the seven countries of the values which provide the lifeblood of western democracy, we tend to take them for granted but they are nonetheless important, they are one of the many vital links between western europe, north america and japan and it is worth remembering how few countries could honestly sign that declaration for too many peoples those are rights to which they can only aspire, we feel it is highly appropriate that this declaration is made in britain the mother of parliaments finally i would like to thank the heads of state heads of government and ministers who've come to london it is a great honor to have them here for the 10th economic summit we hope you will be pleased with our deliberations we believe it was the most interesting and valuable summit and may i thank them for their visit to london and for their work here