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What the Trilateral Commission is proposing for Williamsburg summit

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The Reagan administration's policies took some harsh blows from the Trilateral Commission at its meeting in Rome last week. Although the commission has no official decisionmaking status, the clout of its members - political leaders, bankers, businessmen, and academics from Europe , Japan, and North America - makes its recommendations hard to ignore. In the past they have prefigured official policy.

The commission's findings will be submitted to the governments participating in next month's summit conference in Williamsburg, Va., said European chairman Georges Berthoin of France.

Highlights of the meeting include:

* World economy: This was the central topic of discussion. US Federal Reserve Board chairman Paul Volcker reportedly indicated a willingness to be more flexible about limited but direct US intervention to stabilize the dollar's fluctuations on foreign exchanges. Until now the Reagan administration has adamantly refused to intervene in the foreign exchange markets.

According to former Chase Manhattan Bank chairman David Rockefeller, ''Different people in the meeting were of the opinion that the dollar was on the high side in terms of bringing about a balance of trade.''

''There is a feeling that the end of the recession and renewed growth would solve the most important economic problems facing the world today,'' he added.

There was a general consensus, too, that military security is intimately linked to economic security. Significantly, the Japanese participants exhibited increasing awareness of this relationship, several members said.

* Western defense: A paper presented to the commission recommended a ceiling on strategic warheads instead of rockets as in earlier SALT proposals.

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