Word: marjolin
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Dates: during 1960-1969
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...businessmen don't care much for inflation at home, but they have some reason to cheer when they see it in the other fellow's yard. The reason: it is good for U.S. exports. Right now Europe is plagued by inflation; Robert Marjolin, the Common Market's vice president, last week warned the six member nations that "severe measures" will have to be taken to halt it. Caught in a wage-price spiral that this year alone has boosted wages 19% in The Netherlands, European manufacturers are no longer able to cover increasing expenses out of their...
...urge for the Yankee label has economists like Marjolin worried. Western Europe has a $5 billion trade balance deficit. More than this, the inflow of U.S. goods-especially of those on which tariffs are high or haulage is expensive-encourages development of U.S. plants in Europe that can compete on even tighter terms. Last year alone, for every $1 worth of goods arriving from the U.S., $3 worth were already there, made and sold by Americans...
...part. Yale's Belgium-born Robert Triffin was the architect of the European Payments Union that abolished strict currency controls; now he is pushing the controversial "Triffin Plan" that would link nations through a world central bank and a single world currency. France's Robert Marjolin, first vice president of the Common Market, is also pressing for the "Marjolin Plan" that would unite nearly all the Six's fiscal and monetary policies in a super federal-reserve system. Argentina's Raúl Prebisch, who initiated and negotiated the Latin American Free Trade Association, was also...
Slow as they were to make any progress in dealings with their friends, the Marketeers managed to agree on action against their common enemy: inflation. Almost everyone had a crack at watering down the decisive anti-inflation plan drawn up by Economics Vice President Robert Marjolin, but the final program is still amazingly strong. It morally binds each of the Six to take such rigorous steps as levying new taxes to restrain consumer spending if it rises too fast, strengthening credit restrictions, holding wage rises to productivity gains, curtailing luxury housing, and maintaining liberal import policies to keep local prices...
...Consumer prices are up as much as 19%. Increasing imports and higher-priced exports have turned a $3.5 billion favorable trade balance into what may be a $1 billion deficit this year, and public spending, instead of staying low to counterbalance rising costs, itself rose 11% last year. Warned Marjolin, in a plea for spending hold-downs and coordination: "We cannot live in a permanent state of overheating...