Word: euros
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...more influence than any other individual over the Continent's interest rates, exchange rates and the course of its struggling economic rebound. This year he will be a pivotal figure in determining the fate of the European Union's ambitious but risky plan to create a single currency, the euro. "On paper he has no role whatever," says Daniel Gros, a monetary expert at Brussels' Center for European Policy Studies. "But because of his position, Tietmeyer...
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...
...deal to create Kingdom Entertainment, "one of the best global entertainment multinational organizations in the world," with PRINCE AL-WALEED BIN TALAL BIN ABDULAZIZ AL-SAUD, nephew of Saudi Arabia's King Fahd. The Prince, who seems to favor working with troubled operations (he already owns part of Euro Disney and London's Canary Wharf), says he wants to provide the world with family-oriented entertainment, from theme parks to concert tours, including Jackson's. For now at least, attracting publicity won't be a problem...
Such eye-catching assertions, which beg the disputable question of whether the Egyptians actually were black, are being promoted by radical Afrocentrists in college classrooms across the U.S. today. The principal goal is to free the teaching of world history from its traditional Euro-focus. A secondary aim is to give minority students pride in the achievements of their ancestors. Up to a point these are unexceptionable goals, concedes Mary Lefkowitz, a professor of humanities at Wellesley. But in a fierce little polemic called Not Out of Africa (BasicBooks; 222 pages; $24), she argues that the Afrocentrists substitute pseudo history...
...European Union announced that, beginning Jan. 1, 1999, Europe will have a single currency, to be called the euro. Germany, France and the Netherlands would probably be among the first to switch. Britain hasn't decided if it will take part. Under the Maastricht Treaty, each country must meet strict economic standards before it can join the currency union...