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...Common Market countries have had no end of trouble reaching tariff agreements on such disparate items as German beer, French mayonnaise, and Italian spaghetti. Now a totally unexpected commodity is at issue. In Strasbourg last week, the fledgling European Parliament formally agreed to consider a question raised by a Belgian Socialist Deputy named Ernest Glinne. The Market, Glinne demands, should spell out once and for all "where we stand when the remains of cremated human beings are transported from one member state to another...

Author: /time Magazine | Title: LUXEMBOURG: Tax Vobiscum | 5/17/1971 | See Source »

Quick Profit. At week's end, a partial answer began to emerge: the dollar will be worth fewer Deutsche marks, and quite likely fewer Dutch guilders, Austrian schillings and Swiss and Belgian francs. At a tense, day-long meeting in Brussels on Saturday, the finance ministers of the six European Common Market nations reluctantly reached a compromise. They authorized member nations to let their currencies "float" -rise or fall in price, depending on supply and demand-within certain limits above or below their stated dollar value. It seemed almost certain that they would promptly rise. This week the West...

Author: /time Magazine | Title: Business: The Dollar Crisis: Floating Toward Reform? | 5/17/1971 | See Source »

...what any currency was worth; it could lead, theoretically, to a paralysis of world trade and investment. In any case, last week's developments begin a de facto revision of the monetary system. Allowing the floating of a few major currencies, such as the mark, guilder and Belgian franc, beyond a 1% variation from their official value openly flouts International Monetary Fund rules...

Author: /time Magazine | Title: Business: The Dollar Crisis: Floating Toward Reform? | 5/17/1971 | See Source »

...have to make a joint upward movement of 5% to 10% within a year or two. Washington policymakers would not be at all displeased, because that would make U.S. exports more competitive in world markets. Most often mentioned among the candidates for revaluation: the German mark, the Swiss and Belgian francs, the Dutch guilder, the Japanese yen. For the longer term, the Common Market nations are slowly moving toward creating a Eurocurrency that would challenge the dominance of the dollar in world monetary affairs...

Author: /time Magazine | Title: MONEY: The Dollar's Dilemma | 4/19/1971 | See Source »

Wielding long pitchforks and carrying placards inscribed E.E.C.-COUNCIL OF ASSES, they demolished telephone booths, smashed newsstands and shattered store windows, occasionally hopping inside for some quick looting. In skirmishes with some 4,000 Belgian riot police, one farmer was killed by a gas grenade that broke his neck, and more than 140 persons were injured...

Author: /time Magazine | Title: COMMON MARKET: Pitchfork Power | 4/5/1971 | See Source »

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