Word: dollarization
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Mulroney's lament is understandable. Though the Canadian dollar took a battering last week, falling to its lowest level ever (71¢), the economy has been growing faster over the past year (4.1%) than that of any other country except Japan. Despite 10% unemployment, the majority of Canadians continue to live well. Mulroney can also take some credit for the spirit of reconciliation that has seemed to be overcoming Canada's traditional sectionalism...
...takeover bid. To make an acquisition, shell companies--firms with no real assets--will be forced to pay half of the purchase price in cash. This could quash the efforts of crafty corporate raiders who have used nothing but junk bond debt to finance their billion-dollar takeover bids...
Despite a declining dollar on world currency markets, which makes foreign products more expensive in the U.S., Western Europe's trade surplus is expected to rise from last year's $25 billion to $40 billion. If, as expected, the European export boom eventually cools down, the gap can easily be filled at home by rising consumer demand and increased industrial investments. Even the painful level of unemployment will probably decline slightly in the year ahead, partly as a result of an increase in small, new businesses. Nonetheless, some 10.5% of the labor force remains jobless, and this continues...
Mast acknowledged that familiar threats to the recovery still existed: a crash landing of the declining dollar, for example, or a collapse of oil prices could bring turmoil to the international financial system. An American turn to protectionism as a means of dealing with its $145 billion trade deficit poses another risk. So does the vast, unpayable debt being borne by developing countries. But Mast believes that prospects for international crisis management have been greatly improved since U.S. Treasury Secretary James Baker launched his campaign last year for closer cooperation among the world's major industrial countries. Said Mast...
...policy consensus between the Socialist government and the conservative opposition, which is currently expected to win parliamentary elections scheduled for March 16. Growth should accelerate slightly from last year's meager 1.4%, to 2.1%, because of what Chevalier called "a gift from abroad"--lower oil prices and a cheaper dollar. Inflation in France will dip from 4.9% to 4% this year, while unemployment will edge...