Word: european
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Dates: during 1970-1979
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Trees from the Angelica Nurseries in Kennedyville, Md., will soon be planted for shade and beauty on the wide boulevards of European cities. When Europe's nurseries were unable to meet the high demand for the large-leafed, pollution-resistant trees of the London plane variety, Angelica's owners, Thomas J. Kohl and his three sons, saw their chance. From their 1,000-acre tree farm this year, they sent 5,000 sycamore hybrids to Hamburg at $24 to $30 each and expect to ship as many as 10,000 next year...
...shaky birth, but a birth nevertheless. In Brussels last week, six of the nine members of the European Community agreed to tie together their currencies-and, to some extent, their economies-in one big monetary union...
Beginning Jan. 2, the governments of West Germany, France, the Benelux nations and Denmark will start taking steps to ensure that their currencies move up or down, more or less, in unison. In addition, the members created a new form of money, the European Currency Unit, or ecu. For now, at least, the ecu will not be paper money used by the man in the strasse to pay his bills, but simply a bookkeeping device for Europe's central banks to settle debts with each other...
...idea of a currency union has been around since the European Community started in 1957. What advanced it now was the recent decline of the U.S. dollar, which has unsettled Europe's money and hurt E.C. economies. Every time the dollar dropped against the strong German mark, it also dropped-less so-against most of Europe's other, not-so-strong currencies. This caused annoying changes in the exchange rates between countries. Export trade was slowed because businessmen had to calculate and recalculate prices, and multinational companies postponed transborder E.C. investments because they could not forecast investment returns...
...buying, it can borrow from a new fund. To set up the fund, each member country will contribute about 20% of its gold and dollar reserves, or a total of up to $32 billion. The fund will be denominated not in marks, francs or dollars but in the new European Currency Units-ecus...