Word: giersch
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...making foreign products cheaper, the U.S. currency is also spurring Europe's recovery. Said West Germany's Herbert Giersch at last week's board meeting: "We in Germany are quite happy about the value of the dollar and the fact that the United States is pulling in so many of our resources...
...argue that the shorter work week will result in little or no increase in the number of jobs. In part this is because more and more positions require skilled workers who are usually in demand. The only sure way to increase employment, say critics, is to increase investment. Herbert Giersch, president of the University of Kiel's Institute for World Economics, says that rationing jobs and economic planning will not cure the hardening of the arteries in the European economy that has become known as Eurosclerosis...
When asked to prescribe some policies to spur Western Europe to faster economic expansion, the board found broad consensus. Giersch led off by pointing to the success...
...having in creating new companies. He argued that better prospects for profit were necessary to create new investments in Europe. Above all, Giersch said, Europe needs to create incentives so that entrepreneurs can succeed in creating new firms and new jobs. Brittan called for a standstill on real-pay increases so that Europe can catch up competitively. Such a measure, he said, "would break the back of the unemployment problem." Chevalier confessed that one mistake to avoid repeating was France's attempt to establish an overall government-led industrial policy. This, he said, has mainly produced unnecessary official spending...
...Giersch sees slow growth through the 1980s as economies continue to suffer from high real interest rates. He expects Bonn to continue a cautious course aimed at reducing budget deficits, though he said that he "would be prepared to run a deficit to stimulate the economy...