Word: fowlerize
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Reserve Primacy. In the rising chorus of voices for reform?joined last week by the IMF and Federal Reserve Board Chairman William McChesney Martin Jr.?the strongest and most influential belongs to the chief financial strategist of the monetary world's most powerful member: Henry Hamill Fowler, 57, the 58th Secretary...
...they must begin serious, continuing talks now. Fowler's friendly persuasion has also made it certain that plans for reform will be on the top of the IMF's agenda...
This week Fowler is to meet French Finance Minister Valéry Giscard d'Estaing for talks in Giscard's palatial office in the Louvre Palace, fly on to Rome to meet Italian Finance Minister Roberto Tremelloni, then on to Bonn to talk with West Germany's Finance Minister Rolf Dahlgrün. Before the trip is over, he will also meet the top financial men of Britain, The Netherlands, Belgium and Sweden. After this month's session of the International Monetary Fund in Washington, at which Fowler wants a preparatory commission...
...sense, Fowler will be the first U.S. Cabinet member to be exposed directly to Europe's newly increased self-confidence. In international politics and defense, the Europeans still largely defer to U.S. leadership. In monetary matters, however, they feel increasingly that Europe's economic strength already makes it an equal partner with Washington. Fowler faces considerable skepticism and disagreement about the whole idea of monetary reform. Practically all the Europeans (except the British) oppose his plan for an international monetary conference, believing that any reform should be left to the powerful Group of Ten nations...
...forefront," added the President, "is that we are determined to move ahead-carefully and deliberately but without delay-because we are convinced that not to act when the time is ripe can be as unwise as to act too soon or too hastily." The big task of Fowler and his team is to convince Europe that the time is ripe...