Word: centralizes
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Dates: during 1990-1999
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...over the Serbs' bona fides as well as concern over the framework outlined by NATO. "The Kosovo autonomy plan may actually allow Milosevic to put NATO to work for him, because the West's opposition to independence for Kosovo makes peacekeeping troops the guarantors of Yugoslav sovereignty," says TIME Central Europe bureau chief Massimo Calabresi...
Will investors be reassured by one of their own? Brazil put a former George Soros aide in charge of its central bank, hoping that Arminio Fraga Neto's track record might restore investor confidence. The real strengthened on the news, but it may take more than appointing a former Soros investment director to turn the country around. "To regain the confidence of foreign investors and the IMF, Fraga will have to convince them that Brazil can close its budget gap and restore its financial health," says TIME senior business reporter Bernard Baumohl. "There may be a momentary rebound...
Transferring monetary policy to the new European Central Bank is a major step in shifting power away from national governments. Although the motivation for the move to a single currency is political, it will have important economic effects. European countries will have higher unemployment because a single currency and a one-size-fits-all monetary policy will not be able to accommodate national differences in cyclical conditions. Outside the EMU, when growth slows and unemployment rises, a fall in a country's interest rates can provide an offsetting stimulus to demand. But with a single currency for all Europe, there...
...also likely to put Europe on a path of rising inflation. The decline in European inflation over the past 20 years has been the result of the dominant leadership of Germany's fiercely anti-inflationary central bank. Other European countries had to follow Germany's low-inflation policy or accept the destabilizing consequences and political embarrassment of currency devaluations in relation to the deutsche mark. With a single European Central Bank, Germany can no longer be the standard setter for Europe. The end of that leadership in monetary policy, and the associated rise of political influence over monetary affairs...
Though he confesses he was initially reluctant to return to Shakespeare, Stoppard says he has been bowled over by the power of the Bard--and the theater--ever since his "first, deep" experience seeing Hamlet: "It alerted you. It jumped you into the central truth about theater, which is that it's an event and not a text." This, he is convinced, is why theater will endure and why he continues to produce a play every few years (of his next he will say only "19th century" and "Russia...