Word: europeanization
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Dates: during 1970-1979
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...European airline leaders, who generally favor controlled competition, have serious quarrels with Carter's approach. Their objections would be more telling if they had done a better job of opening up air travel to the broad public. European fares are still twice as high as those in the U.S.; and promotional cheapies are few. Rather than compete for passengers, the European airlines band together in "pools," or market-sharing arrangements. On the Paris-London run, for example, Air France and British Airways schedule their flights at different times to avoid competition as well as costly excess capacity...
Since Borman outraged U.S. planemakers by buying a European plane, Boeing has led a campaign in Washington against what Treasurer Jack Pierce calls "predatory financing." Indeed, Borman got a good deal, which includes a $250 million loan guaranteed by European government agencies. Somewhat reluctantly, the U.S. Export-Import Bank has agreed to try to meet the European terms by making more of low-interest loans available to foreign buyers of U.S. aircraft...
Last week Common Market finance ministers met in Brussels to thrash out details of the proposed system. At its core would be the European Currency Unit, or ECU, whose value would be based on a "basket" of European currencies in which the German mark would weigh the most heavily. The ECU would be not a bill or a coin but a series of accounts that member governments would use. European currencies would be allowed to fluctuate around the ECU in a narrow band of 1% either way, and the ECU would float against the dollar. Moreover, when member nations intervened...
There are also plans to set up a new European monetary fund, which would make loans to weaker members of the system that needed to finance deficits or prop up their currencies to ECU levels. How much each nation would contribute to the common fund is still being discussed, but the West Germans would supply the major share...
...Treasury officials, while not opposing the European initiative in principle, have important reservations. One concern, which the U.S, shares with Britain and Italy, is that an economic group dominated by the West Germans would end up with conservative fiscal and monetary policies that would severely limit economic growth. Another fear is that the ECU, once established, would invite speculators and governments from Togo to Turkey to dump dollars for the ECU currencies, thus bringing more downward pressure on the dollar. Economist Robert Triffin, a U.S. monetary expert who has long championed a European currency, believes that it would help rather...