Word: euros
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...push through budget cuts needed to allow the country to join the European Union's single currency. More cuts are needed in light of a new Finance Ministry report that placed the 1997 budget deficit at 3.8 percent, short of the three percent needed to qualify for the euro. In a televised plea, Chirac, called on voters to reject increased taxes and public spending as the solution to rising unemployment. "If we want to affirm ourselves as a great economic and political power, equal to the dollar and the yen," the president said, "France must adopt the euro...
...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...
...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...