Word: coal
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Dates: during 1960-1969
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...European Coal and Steel Community, the first of the grand international enterprises undertaken by Western Europe after World War II, formed the nucleus of the Common Market, and ever since has been considered a model for economic development. The Community promoted steel and coal production, cut tariffs, achieved fair pricing, and took much of the malice out of Franco-German industrial rivalry. Now, however, just when it should be congratulating itself on its long-term success, the Community seems to be falling into disarray...
...organization's very reason for existence is to solve coal and steel problems for Western Europe as a whole. Yet the Community's Italian president, Dino del Bo, who reportedly has threatened to resign, says that "since June we have watched a development of replacing a community plan with dangerous and unacceptable national plans...
...French government has threatened to give its own steel industry a competitive edge by granting it a $600 million low-interest modernization loan and by buying more cheap American coal. Germany says it may help its overstocked and overpriced coal industry with a straight subsidy. The Italians and the Dutch are happily selling steel from their new, competitive seaside plants wherever they...
Beyond Needs. When the organization was established in Luxembourg in 1952, coal and steel were urgently needed for the reconstruction of Europe. Now there is too much of both. Then, coal supplied 75% of Europe's energy needs, but coal's proportion of the total has been cut to 35% by the increasing use of other fuels, mainly oil. Demand for steel continues to grow but at a slower rate, and modernization of plants has raised steel capacity beyond actual needs. Western European steel plants, which normally work at 90% of cinacity, have had to cut back...
Faced with the problem of dealing with overproduction rather than with underproduction, the Coal-Steel Community's High Authority in July proposed as a first step what amounted to a coal subsidy to be paid to Germany by the other five members. This would have enabled German coal to compete with U.S. coal, which sells for $4 a ton less in Europe. But the French vetoed the plan on the grounds that they did not want to subsidize the German coal industry and that they did not want to give the High Authority any more "supranational" power. Then...