Government heads of the nine-member European Economic Community ended a two-day summit conference here today with a forceful call for "intensified" pressure on Japan to cut its spiralling trade deficit with the economically shaky Common Market.
They were first, however, subjected to a stern lecture lecture on the dangers of unbridled economic growth from German Chancellor Helmut Schmidit, whose remarks were seen here as directed more at the united States than his European partners.
"The U.S. cannot stimulate the world economy - we are in fact financing the U.S.," charged the German leader in an outspoken reference to recent European support for the plummeting dollar, according to conference sources.
European banks have lately taken billions of dollars off the market, German officials here said, apparently linking the decline of the dollar to the widening American trade deficit. They point to higher U.S. oil imports as the main explanation of this deteriorating trend.
The Common Market summit, urged by British Prime Minister James Callaghan and by a strong statement of "acute concern" from French President Valery Giscard d"estaing, instructed Roy Jenkins, president of the EEC Executive Commissions to "intensify" his bargaining with the newly reshaped Tokyo government.
They also left the threat hanging that EEC foreign ministers could take further action at a meeting scheduled here on Dec. 19 and 20 if satisfactory measures were not taken in the interim by the Fukuda administration.
The Japanese must show, Jenkins said, "that they respect the tripartite relationship" between themsleves, the United States and Europe, which is now staggering under a $5 billion deficit with the Asian economic machine.