Word: european
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Dates: during 1960-1969
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...finance and economics ministers of the Six did somewhat better. After considering proposals from the Common Market's Executive Commission for joint economic planning and budgetary discipline to deal with overheated European economies, the ministers agreed -in principle-to set up a unified monetary mechanism. The details would have to be worked out later. Nevertheless, France's Finance Minister Valéry Giscard d'Estaing and West Germany's Economics Minister Karl Schiller called the agreement an important step. Giscard added, perhaps too optimistically, that it was "the first time we have monetary solidarity among...
...main threat to Britain's application seems to be the British themselves. While Monnet was speaking at a press conference in Brussels about the desirability of European political federation, former British Prime Minister Sir Alec Douglas-Home glanced up from a crossword puzzle and told newsmen that "we British are a practical people. We want to confront a situation first before we think about setting up an institution to handle it." During the same session, British Foreign Secretary Michael Stewart said that plans for a European Parliament were "premature." Such statements made many Europeans wonder whether the British...
Where the Brains Are. CTIP is McKee's European foothold and a sizable operator in its own right. The firm has orders on its books for refineries and petrochemical plants worth $100 million. Last March, only one month after McKee appointed him joint managing director, CTIP's Gian Vittono Cavanna started secret negotiations with Technip, a French government-owned engineering firm. Without telling McKee, Cavanna signed a general agreement calling for a reshuffling of CTIP ownership among Technip, McKee and Italian companies. The idea was that divided leadership would enable CTIP employees to run their company themselves, rather...
Among other things, CTIP strikers demand Italian (or at least European) managerial control, a 30% salary increase, employee profit-sharing and employee participation in company decisions. They have brought in CISL, Italy's powerful Christian Democratic trade union, to represent them, while McKee has the backing of Italy's Confederation of Italian Industry. Somehow, McKee President Merrill Cox must figure out how to regain control of a firm whose employees are its only real assets...
Pride and Profit. TIME'S European Economic Correspondent Robert Ball has pieced together an explanation. Most of the gold, Ball reports, has been flown to Switzerland and bought by three banks: Credit Suisse, Union Bank and Swiss Bank Corp. Motivated by pride and profit, the three banks formed a syndicate a year ago and began to buy newly mined South African gold. They wanted Zurich to challenge London's position as the leading gold market, and they also figured to sell the gold at a lucrative markup. By carefully controlling their marketing practices, they could keep the free...