Word: europeanizing
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Dates: during 1950-1959
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Brooding over this unsettling report, British Chancellor of the Exchequer Derick Heathcoat Amory two weeks ago took advantage of a routine Paris meeting of the Organization for European Economic Cooperation to discuss some highly private business with West German Economics Minister Ludwig Erhard and French Finance Minister Antoine Pinay. The fruits of that chat were harvested late last week, when the British treasury laconically announced that it had decided to make the pound sterling "externally convertible...
Given this go-ahead from the world's top trading nation, other European nations followed suit. In rapid succession, West Germany, Italy, the Scandinavian countries and the Benelux nations all proclaimed their currencies externally convertible. (Denmark, responding to the drama of the occasion, revealed that it was following the British example even before the British treasury set the example...
...Outward Sign. Europe's brisk plunge into external convertibility had one important side effect. It spelled the end of a useful eight-year-old system, the European Payments Union. Foreseeing such a day, 17 countries of Western Europe pledged themselves, back in 1955, to settle their foreign-trade accounts through a new organization called the European Monetary Agreement. Unlike E.P.U., it will not automatically extend credits to nations that run a deficit in their inter-European trade. Without the cushion of automatic credits, all Western European nations-and especially France, which ran up a $460 million deficit in E.P.U...
...Tsun got a British visa, bought a ticket on a regular British European Airways flight to London. Last week he went to the airport, fearing that at any moment he would be turned back. But the Polish officials passed him, and Fu Tsun flew safely on to London. Friends hid him out in the country, but he was willing to answer a few questions from the press. What did he think of things in China? Said Fu Tsun tactfully: "Whatever people may think of Mao Tse-tung's policies, I say he is the greatest modern Chinese poet...
...their damned federation," he said later. "You have today all the reactionary tories buying land in Southern Rhodesia-Lord So-and-So and the Duke of This-and-That-20 to 50 servants. They cannot do that in Britain, because 1945 finished that. There are European people in this country who think they must be lords and masters, and there are Indians who think they are better than we are. Well, that type of European and that type of Indian might as well pack up and go home now. We mean to be our own lords in our own house...