Word: klasen
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Dates: during 1970-1979
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...other European countries began imposing financial controls to halt the inflow of unwanted, inflation-breeding dollars, Schiller refused to erect any sort of barrier against the free flow of capital into West Germany. Two weeks ago, at a showdown Cabinet session, Brandt sided with German Central Bank President Karl Klasen, who proposed a set of mild-and so far ineffectual-controls on capital movement. These were immediately enacted over Schiller's protest...
...house in the Venusberg section of Bonn, Foreign Minister Walter Scheel argued that a floating mark would foul up the Common Market's system of farm price supports, which assumes set relationships between the currencies of the Market's six member nations. Bundesbank President Karl Klasen contended that Germany should instead clamp on tight exchange controls in order to stop the inflow of unwanted dollars. The government could, for example, forbid citizens to borrow abroad and order commercial banks not to pay interest on dollar deposits...
Schiller nevertheless won a consensus for his position, and at the Common Market meeting Saturday urged a concerted float by the six nations. The French resisted, largely out of a desire to preserve the Market's farm price-support system; they echoed Bundesbank President Klasen's argument that exchange controls would be preferable. What finally came out was a compromise: Market nations can float their currencies if they feel it essential. But floaters and nonfloaters should try to preserve the rates at which, say, marks and francs can be exchanged for each other, even as the mark...