Word: lahnstein
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Dates: during 1980-1989
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...intervention to keep exchange rates fairly stable-so that they would not need to raise their interest rates to protect their currencies. But they viewed it as a substantial concession, since the U.S. had long objected to intervention out of free-market principle. Said West German Finance Minister Manfred Lahnstein: "The U.S. has adopted a different philosophy." Regan denied that, and it remains to be seen whether the U.S. interpretation of what justifies intervention will satisfy the other countries...
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