asked the Minister for Finance whether he is aware that the European Economic Community have now agreed to peg wage rises at between 6 and 7 per cent; and if this country would be bound by the regulation if it entered the EEC.
Ceisteanna—Questions. Oral Answers. - EEC Wages.
54.
The question appears to refer to a statement in a report on the economic situation in the European Community which is worded as follows:
It would be dangerous for the economies of the member states to continue along the present trajectory of prices and wages.
Thus it is particularly desirable that the rise in prices should be gradually reduced to an annual level of about 3-3.5 per cent in the last quarter of 1972 and that at the same time—and no later—wage increases (including additional benefits) should be contained at an annual rate of about 6-7 per cent.
The statement continues:
If such results are to be obtained between now and the end of 1972 without damage to the growth rate, the economic and social policy of all the member states must have the support of both workers and employers.
These are sentiments to which I think every country affected by an inflationary situation could subscribe. I would point out, however, that the views expressed in the report are guidelines. There is no question of their being incorporated in a regulation which would be binding on the member states.