Word: britain
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Dates: during 1970-1979
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First, they drafted a new monetary scheme to stabilize international exchange rates that would reconstruct the dismembered European "snake" (which once tied all Community currencies to a narrow range of fluctuation, only to be abandoned over the years by Britain, France and Italy), backed by a new, large reserve fund...
...Community countries against fluctuations of the dollar, as well as other currencies, and thus also help stabilize the dollar itself. Schmidt's proposal features two devices: 1) a so-called boa of currencies, which would have more leeway than the old snake to let weaker currencies, such as Britain's pound and Italy's lira, initially move up and down within a broader margin than the stronger currencies; and 2) a kind of "mini-IMF" of pooled reserves from which the members could automatically draw funds to support their currencies and deter speculation...
...Canada, Britain, France, West Germany, Italy and Japan...
Honorable members dived for cover under their antique, leather-padded benches last week as demonstrators protesting Britain's military presence in Northern Ireland hurled something worse than slogans at the august mother of parliaments. Despite strict security, a man and a woman had managed to smuggle a truly noxious bundle of objections into the visitors' gallery at Westminster: packages of horse manure. After bombarding the M.P.s with the missiles, the coprophilic dissidents-one of whom was Yana Mintoff, 26, daughter of the Prime Minister of Malta-were dragged off by police...
...stick income tax policies be adopted to encourage labor and management to hold down wage and price raises. Unions and companies that settled for low increases would pay reduced taxes, while those that helped aggravate inflation would suffer tax penalties. Such an approach has been used successfully in Britain, where in the past year and a half inflation has plunged from some 20% to about 8%. But with the Administration's entire tax policy tangled up in Congress, Okun admits that his proposal for a Tax-based Incomes Policy (TIP) is a non-starter for now. Meanwhile, inflation seems...