Word: euros
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Dates: during 1990-1999
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...sedan that, its chief designer says, "looks like a car dressed in a Chanel suit." From Pontiac, there is a two-tone macho minivan for suburbanites who still lust for the fast lane. From Saturn, the EV1, a noiseless, all-aluminum electric vehicle. From Cadillac, Catera, GM's first Euro-American entry, designed to take on such young luxury imports as the BMW-3s and Lexus ES300...
Next year is crucial for the euro, which formally begins circulating in 1999. Economic performance in 1997 will be the basis for deciding, early in 1998, which nations meet the Maastricht Treaty criteria on debt, deficits and inflation that underlie the currency union. Bundesbank policies can help or hurt plans by many countries, including Germany, to meet the criteria by boosting economic growth. But more important, Tietmeyer's mere utterances, like those of his U.S. counterpart, Alan Greenspan, can move markets or puncture investor confidence. His blessing of the euro venture would be a welcome seal of approval...
...public, Tietmeyer backs the single-currency idea. But he has been adamant in calling for strict application of the Maastricht criteria and for ironclad rules to support the euro, so that it will be as strong as the German mark. Some believe that privately he is a single-currency foe fearful of losing his power to the new European Central Bank. Former German Chancellor Helmut Schmidt, in an extraordinary open letter last year, branded Tietmeyer's stance as anti-European. "If you continue with your stubborn policies," Schmidt wrote to the banker, "Germany will become isolated...
...member of the German central-bank board since 1990 and its president since 1993, Tietmeyer stresses, "I cannot defeat the euro project, and I will not defeat the project, because I'm in favor of it on condition that it is based on a stable and solid foundation." But he quickly adds, "It is my duty and responsibility to see that there are enough safeguards." One moment of truth will be early next year when Europe's central-bank governors issue their judgment on which countries have truly met the Maastricht criteria without accounting tricks. While Tietmeyer hopes...
...Europe, growth is perking up despite high unemployment, and there's renewed confidence that its plans to form a monetary union around the single-currency euro will be implemented on schedule...