Word: bressand
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...euro, introduced little more than a year ago, has been crucial in accelerating the pace of change. Those who wring their hands over its declining value in 1999 miss the point. "The euro has allowed Europe to almost completely overcome its historical weakness of market fragmentation," says Albert Bressand, economist and director of Paris' Promethee think tank. "It's created a larger, almost seamless economy roughly the size of the U.S. economy." The euro's undervaluation has, in fact, given European exporters a shot in the arm by lowering their prices in overseas markets. Most experts foresee a rise...
...rejection of Chirac suggests that the French may have some congenital inability to face the competitive realities of the modern world. Most French analysts, however, put the blame on a failure of leadership. "Yes, the French have clung to an old social model, but by default," says economist Albert Bressand. "No other policy was articulated to them. The French are slow to modernize because of inappropriate leadership left and right...
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