Word: pact
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...highest officials of the British government have accused Germany of a "whispering campaign" and conspiracy to push the pound sterling out of ERM. They have also charged that this campaign is part of a "secret pact" between the French and German governments to go ahead with Maastricht over the objections of their European partners, not to mention substantial sections of their own populations...
Like many a natural catastrophe, Europe's monetary storm blew up with little warning, though the clouds had been darkening since June, when Denmark narrowly rejected the Maastricht treaty. Named for the Dutch city where it was signed last February, the pact provides for the eventual political union of the European Community, a common foreign and security policy, and most important, a single European currency...
...generations of military thinkers have agreed that the best way to find out what kind of defense the country should have is to decide first on a national strategy. The strategy the U.S. needs has changed radically over the past three years, with the dissipation of the Warsaw Pact and then the Soviet Union, and that in turn could radically change the kind of military structure that is necessary...
Just hours after the agreement was reached, President Bush strode into the White House Rose Garden to applaud the pact as "the beginning of a new era." Mexican President Carlos Salinas de Gortari went on early-morning television to praise the deal, while Canadian Prime Minister Brian Mulroney called it "an important step forward." Elsewhere the reception was chillier. In Japan, angry trade and auto-industry officials charged that the local-content requirement would force Japanese manufacturers to redesign cars sold in North America and jack up prices...
...stiffest resistance could come from U.S. labor leaders and Democrats in Congress who fear that the trade pact would tempt companies to shift factories and jobs to low-wage Mexico. Declared Senator Donald Riegle, a Michigan Democrat: "To integrate our economy with a Third World economy will create massive unemployment here." Congressional critics seem certain to demand safeguards for U.S. jobs and the environment when the trade deal comes to a vote next year...