The Gazette 1979

GAZETTE

JULY-AUGUST

1979

which although possibly of benefit to some might by the same token prove injurious to others. This co-ordinated approach is the essential characteristic of the Community and while it may sometimes appear slow to those demanding immediate action it represents a fundamental application of the democratic method and ensures that before decisions are taken the long-term interests of all the Member States are duly taken into account. It is this basic principle which has guided Community policies and which will continue to govern its approach in the future. Unfortunately the future well-being of the Community is far from certain. There are many problems to be solved and if we fail to meet this challenge we shall certainly be worse off in all respects and Western Europe would enter a time of troubles such as we have not known since the War. Public opinion must also regain confidence in the potential of the Community to serve the interests of the peoples of Europe. Ireland has benefited from Member- ship of the Community. The market opportunities have provided the means for Economic expansion on which Social and even Political progress will be possible. The future of this country is closely linked with future develop- ments in the Community. However, we have problems of our own making and these we will have to solve if we are to benefit from Community Membership. This will not be easy but we must face that reality. And eventually this economic progress could contribute to the political progress of the whole of Ireland. This is surely an ideal worth striving to achieve. Ladies and gentlemen, the Community is at the crossroads but we cannot stand still - We must go forward together. I will leave you with the words of Robert Schuman, the French Foreign Minister who said in 1950: ''Europe will not be built in a day; nor as part of some overall design. It will be built through practical achieve- ments that first create a sense of common purpose." The Guest Speakers at the Meeting were Mr. Richard Burke, member of the E.E.C. Commission, the Hon. Mr. Justice Liam Hamilton, Judge of the High Court, and Mr. Michael O'Leary, T.D., Deputy leader of the Labour Party.

policies of the Member States have in fact diverged much more profoundly than at any other time since the immediate Post-War period. Some Countries have weathered the storm better than others and have been able to control inflation fairly well but others have not found it so easy. These different outcomes of what is certainly a common wish to control inflation derive from a number of basic differences between Member States which have proved more important than had perhaps been envisaged in earlier years. These include differences in the stages of economic development of Member States which as a result requires the application of different economic policies, differences in the degree to which Member States are dependant on export trade, differences in the institutional structures of Member States — a particular sector being that of Trade Unions and their role in Industry. How a country is placed in relation to such factors will depend on what rate of inflation will affect such a country. With divergences in inflation rates there follows a decisive impact on the stability of exchange rates and this has a detrimental effect on policies — an obvious one being the Common Agricultural Policy. As a result the emergence of a Common Community Economic Policy is faced with many difficulties and is unlikely to emerge unless a number of pre-conditions are met. These pre-conditions would basically include mutual assistance on an extensive scale. But that is not the complete answer - Member States must create for themselves a climate to take advantage of this assistance — otherwise these loans or grants will be worthless because Countries will not have the basic elements for stability. The recent agreement to introduce a European Monetary System is a combined effort on behalf of the Member States to stabilise exchange rates. With its introduction there will be restrictions and thereby limits to the extent by which any currency may be allowed to deviate from the system. This will inevitably involve discipline and possibly restraint but the acceptance by Member States of such discipline could provide the basis for sound economic and indeed social progress. The problems in this area remain immense but their solution is a pre-condition for the ultimate achieve- ment of political and economic unity. Some of the problems arise because the Member States are deeply involved in the world economy and the experience of the 1970s has shown how damaging the turbulence of the international economy can be. The rampant inflation, the many unemployed, the near destruction of major industries have largely been induced from outside. The Community cannot turn its back on the world economy but it must have some form of protection. A general tariff is a blunt instrument of protection and maybe the Community does not need it. But the Community has not replaced the declining tariff by other means of defence against the turbulence of the inter- national economy nor has it done much to bring the instability under control by commmon actions with its economic partners. Tariff-cutting can be one element in a constructive policy but it must be supplemented by other measures in order to give stability to the Community in this turbulent world. The Community is seeking positive solutions to these problems through the collective and co-ordinated action of its Member States aimed at benefiting all rather than through unilateral and perhaps contradictory measures

Law Society

Vacancy for Examiner and Lecturer Applications are invited not later than Friday, 17th August, 1979 for the post of:

EXAMI NER

AND

LECTURER

IN

COMPANY LAW

Particulars may be obtained from:- Professor Richard Woulfe, Director of Education, Incorporated Law Society of Ireland, Blackball Place. Dublin 7.

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