Word: schiller
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...Washington this week. John Connally, the tough but still charming Texan, will be there as the chief attraction, if one can put it that way. So will assorted treasury chiefs, finance ministers and central bankers-France's Valéry Giscard d'Estaing, Germany's Karl Schiller, Italy's Guido Carli. Like their predecessors at Bretton Woods, these men face the necessity of crafting a new system to finance global trade, tourism and investment. They surely will not finish that herculean job by the time the annual meeting of the 118-country International Monetary Fund ends...
...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...
...London, the Europeans held to this stand despite Connally's pressure. At one point, Schiller gently twitted Connally, who uses the term "burden sharing" to describe the U.S. demand that other nations pay more of the costs of maintaining American troops overseas. Schiller insisted that the dollar must be devalued as the U.S. contribution to a general realignment of currency values, and added: "In this area, too, we would need to achieve some burden sharing." He took care to say the last two words in English...
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...