Word: rambouillets
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Ford denies that he has not given sufficient priority to U.S. relations with its allies. He points to the kind of intimate consultation on economic matters that went on at the summit meetings at Rambouillet, France, and San Juan, Puerto Rico, when he met with the leaders of Western Europe and Japan...
Fortunately, the Puerto Rico summit served less narrow purposes as well. The atmosphere was almost totally different from the first economic summit last November, when the leaders spent a weekend at the Cháteau de Rambouillet near Paris as the guests of Giscard. Then the mood was anxious concern about the worldwide recession. This time, as the leaders talked for eight hours at the Dorado Beach Hotel, overlooking a palm-lined shore, the mood was optimistic. The only real worry was that the world recovery might be proceeding too quickly...
...that is not the way it was supposed to work. Concerned by this unexpected twist, and by the fundamental international economic problems that lie behind it, U.S. officials decided it was time for a rerun of last fall's six-nation summit meeting at Château de Rambouillet...
Need For Cooperation. No ringing declarations, no grand schemes for promoting international economic stability will probably emerge from the meeting. As after Rambouillet, the communiqué will undoubtedly stress the need for cooperation among the nations and promise that it will be forthcoming. But the major American purpose at the economic summit will be to set some hard terms for that cooperation...
Weekend Calls. The action, which resulted largely from a series of weekend phone calls among central bankers, is a direct outgrowth of last November's economic summit at Rambouillet, France. At that meeting, President Gerald Ford and the heads of five other major industrial nations agreed to intervene to keep money markets orderly, which could include support for specific currencies that were deemed to have sunk too low. For months the British argued that investors had overreacted to Britain's formidable economic woes and had left sterling undervalued. While a cheaper pound gave British goods a price advantage...