Joint Statement Following Meetings in the Azores With President Pompidou of France.
PRESIDENT Nixon and President Pompidou reached a broad area of agreement on measures necessary to achieve a settlement at the earliest possible date of the immediate problems of the international monetary system. In cooperation with other nations concerned, they agreed to work toward a prompt realignment of exchange rates through a devaluation of the dollar and revaluation of some other currencies. This realignment could, in their view, under present circumstances, be accompanied by broader permissible margins of fluctuation around the newly established exchange rates.
Aware of the interest of measures involving trade for a lasting equilibrium of the balance of payments, President Pompidou confirmed that France, together with the governments of the other countries which are members of the European Economic Community, was preparing the mandate which would permit the imminent opening of negotiations with the United States in order to settle the short-term problems currently pending and to establish the agenda for the examination of fundamental questions in the area of trade.
President Nixon underscored the contribution that vigorous implementation by the United States of measures to restore domestic wage-price stability and productivity would make toward international equilibrium and the defense of the new dollar exchange rate.
The Presidents agreed that discussion should be undertaken promptly in appropriate forums to resolve fundamental and interrelated issues of monetary reform.
Note: The joint statement was released at Angra do Heroismo on Terceira Island, the Azores.
On December 13, 1971, the White House released the transcript of remarks by Secretary of State William P. Rogers and French Minister of Foreign Affairs Maurice Schumann on trade and foreign policy matters following their meeting in the Azores. The remarks are printed in the Weekly Compilation of Presidential Documents (vol. 7, P. 1656)-
On the same day, the White House also released the transcript of a news briefing by Secretary of the Treasury John B. Connally on economic and monetary affairs following his discussions in the Azores with French Minister of Economy and Finance Valery Giscard d'Estaing. The briefing is printed in the Weekly Compilation of Presidential Documents (vol.
7, P- 1658).
On December 15, the President met with the bipartisan leadership of the Congress to brief them on the monetary and financial aspects of his trip to the Azores. Following the meeting, Senators Mike Mansfield and Hugh Scott, Speaker of the House Carl Albert, Representatives Hale Boggs and Gerald R. Ford, and Clark MacGregor, Counsel to the President for Congressional Relations, held a news conference. A transcript of it was released by the White House and is printed in the Weekly Compilation of Presidential Documents (vol. 7, P. 1666).
Richard Nixon, Joint Statement Following Meetings in the Azores With President Pompidou of France. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/240412