Word: europeanization
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Dates: during 1980-1989
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...today. Despite a painfully difficult dialogue with the American Administration and despite the unfortunate failure in mutual understanding at Reykjavik -- and even though a West European leader let slip a shocking comparison of our leader with Goebbels -- glasnost is expanding and gaining in strength. True, it is sometimes sabotaged by those creaky armchair warriors who feel their comfortable seats being pulled from under them. But they will not succeed...
...repeatedly urged other countries to grow faster and absorb more American imports. One of the prime targets of the jawboning has been Western Europe, which last year ran up a $26.4 billion trade surplus with the U.S. But if the White House is counting on much help from the Europeans this year, it is likely to be disappointed. That was the consensus of TIME's European Board of Economists, which met in London for its semiannual review of Europe's outlook. Average growth in the gross national products of the major West European nations will be a solid but unspectacular...
Even that moderate growth is by no means assured. To an uncomfortable ! extent, the expansion is dependent on exports, particularly to the U.S. Now that source of growth is threatened by the decline in the value of the dollar, which makes European products much more expensive in the U.S. So far, such premier exporters as West Germany and France have weathered the dollar's fall, but a further steep drop could be devastating...
...only way for European countries to insulate themselves against that peril, TIME's economists agreed, is to boost domestic demand and become less reliant on exports. The onus will be on West Germany, Europe's most powerful economy, to take the initiative. Last year the Germans resisted pressure to cut interest rates and lift demand by promising that strong growth was already in the pipeline. Further stimulus, German officials argued, would raise the risk of an overheated economy and renewed inflation. But West Germany's 2.75% growth rate in 1986 fell short of expectations as the high-flying mark...
...certain that European governments can quickly generate a sharp rise in domestic consumption merely by pouring more money into their economies. A portion of industrial capacity must be redirected from manufacturing products for export to satisfying local demands, and that takes time. Warned Board Member Guido Carli, former governor of the Bank of Italy: "I have doubts that in the short term it is possible to restructure the economies of countries like Germany and Italy, which for so many years have been export oriented...