Word: europeanizing
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Dates: during 1950-1959
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...simultaneous plunge into limited currency convertibility taken by ten European nations (TIME, Jan. 5) was a dramatic measure of Europe's recovery from the catastrophic economic consequences of World War II. Part of Europe's new confidence in its own currency rested on a decreasing dominance of the dollar. Last year U.S. imports ran considerably above U.S. exports, with the result that $2.2 billion in gold and half a billion in dollars flowed out of the U.S. into foreign treasuries. Armed with increased gold reserves and with the knowledge that the German mark or Swiss franc is just...
Virtually the only European voice raised against this dramatic step was that of British Labor Party Leader Hugh Gaitskell, who charged that it would make the pound "more vulnerable to speculation." (At least part of Gaitskell's fear came from his awareness that a Labor election victory, with its emphasis on welfare-state spending and other inflationary actions, would probably weaken international confidence in the pound.) To the rest of Europe's politicians and money managers, the fact that their nations had at last begun to move toward full convertibility was a source of pride and new hope...
...Dream of the Franks. The timing of convertibility was largely determined by the other major event of the week, the planned birth on New Year's Day of the European Common Market. The boundaries of this new entity are roughly those of Charlemagne's Europe (Charlemagne ruled more of Germany, but only half of Italy). But this new super customs union, among states which remain politically sovereign, has a power potential undreamed of by the 9th century Franks. The 166 million people of the Common Market nations produce more steel than Soviet Russia, do more of the world...
Roman Style. Despite an intellectual background-his father is president of the French Medical Academy-Debré is a singleminded, fire-eating French nationalist. One of France's loudest opponents of the ill-fated European Defense Community, he has long been vocally suspicious of U.S. policy toward France, still opposes the idea of European political unity inherent in the Common Market. He believes that De Gaulle's mandate was not a right-wing but a nationalist phenomenon. He would like to see De Gaulle function as a kind of Roman-style elected dictator-with-a-time-limit...
Roosevelt: "I think he had been brought up to think of us as a colonial imperialist power. I don't think he really understood European politics much. I don't think any American did, much...