Ladies and gentlemen:
As you know, we have just returned from an historic meeting in the Azores with President Pompidou. President Pompidou and I agreed, at the conclusion of our meeting, that our joint statement that has been issued to the press and some brief oral statements that we made would be the only statements we would make at this time. However, Secretary Cormally, on the international economic front, and Secretary Rogers, on the international issues other than economic, will give you a brief fill-in of the other matters that were covered. I will say nothing more because of our understanding with the President that we would both at this point stand on what we have already said.
Note: Secretary of the Treasury John B. Connally spoke as follows:The President spoke at approximately 4:15 p.m. at Andrews Air Force Base, Md.
Secretary of the Treasury John B. Connally spoke as follows:
Thank you. With respect to the international monetary affairs, I would simply like to say that the communiqué that was issued by the two Presidents was not specific in its treatment of the many items that were discussed. This was partially, deliberately so designed for the simple reason that our international monetary problems encompass the actions and the reactions of a great many more countries than just the United States and France. Consequently, we are not in a position to divulge all of the details of the discussion. I think it is fair to say that the meeting between the two Presidents resulted in a very significant step forward--looking toward the settlement of the international monetary problems that exist. The Group of Ten meeting which will occur here this weekend hopefully will bring us even closer to a solution. I would not now predict that we will finally settle it this weekend because I can't prejudice the actions of other nations. I will say that, beyond any question, the very significant step that results from the meeting of the two Presidents will contribute enormously toward an alternate solution and an early solution.
Q. Mr. Secretary, could you tell us anything about the timetable for devaluation and any idea of what the devaluation will be?
SECRETARY CONNALLY. No, we don't know the timetable, again, simply because this is going to depend entirely upon the actions of the Group of Ten and all the nations. And this is the thing that we want to emphasize, that this is not a two-nation affair. It is a package of actions that have to be taken by the Group of Ten. Trade issues have to be included. So, I can't give you a timetable, but we are certainly looking in the very short range for a solution to all these problems.
Q. One other question, Mr. Secretary. Do you feel assured that other nations will revalue their currencies forthwith to accommodate us?
SECRETARY CONNALLY. Well, certainly anticipated in any solution to the problem is a revaluation of some of the currencies around the world, yes.
Following the remarks of Secretary Connally, Secretary of State William P. Rogers spoke as follows:
I would just like to add, ladies and gentlemen, that I think that the conversations between President Nixon and President Pompidou were most significant and, as the President said, I think this was a historic meeting. We were able, during the course of 7 hours in our discussions, to come to a better understanding of common problems in the foreign affairs field. We particularly discussed the very tragic events in South Asia. We have a common position on the European Security Conference. I think that the planning that we are doing on mutual and balanced force reductions all indicate that the relations between France and the United States have been greatly improved as a result of this visit, and I think that the President, particularly, deserves a great deal of credit for resolving or helping to resolve these difficult problems in the monetary, economic, and trade field. And I think that the action that Secretary Connally has taken to give leadership in this field is very significant, and I am sure that it is going to be a great help to me in the field of foreign affairs.
Thank you.
Richard Nixon, Remarks at Andrews Air Force Base on Returning From the Azores. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/240415
