Word: schiller
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Dates: during 1970-1979
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...aggressive line only hastened a split of the Group of Ten into two camps: the U.S. and what some Americans now call "the Nine." Before facing Connally in London, the European Common Market nations met in Brussels to agree on their position. Giscard and German Economics Minister Karl Schiller, whose mutual antagonism had deadlocked previous meetings, showed a new amity. The Europeans agreed to press for a devaluation of the U.S. dollar, to be accomplished by raising the price of gold as part of a general currency revaluation. They also resolved to call for speedy abolition of the U.S. import...
...European ministers minced no words in blaming the U.S. for their di lemma. Said French Finance Minister Valéry Giscard d'Estaing: "Europe is having to pay for the U.S. policy of growth and full employment." Schiller was even more direct: "The U.S. deficit of payments can no longer be tolerated with benign neglect...
...monetary crisis began when some remarks by Schiller led money speculators to believe that Germany would soon raise the official value of the mark above its present 27.3?. Speculators immediately started selling dollars for marks, hoping to make a quick profit. Contrary to popular opinion, the speculators are not shadowy characters operating on European back streets; most are treasurers of multinational corporations, many American. At any one time they hold huge quantities of various moneys, and they regard it as only prudent to shift funds out of a currency that looks as if it may fall in value into...
Showdown in Brussels. Far from unifying Europe on monetary strategy, however. Schiller seems to have produced greater confusion than ever. Even in the midst of crisis, Germany could not win agreement on a concerted European revaluation. After France and other Common Market countries made clear their opposition to revaluation, Schiller's proposal to let the mark float ran into considerable opposition within his own government. At a four-hour meeting in Chancellor Willy Brandt's house in the Venusberg section of Bonn, Foreign Minister Walter Scheel argued that a floating mark would foul up the Common Market...
...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...