Word: schmidts
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...Europe, meanwhile, the nine national leaders of the European Community staged a dress rehearsal summit of their own in the ancient port of Bremen, a favorite city of their host and current chairman, West German Chancellor Helmut Schmidt. After two days of sometimes chummy, sometimes quarrelsome discussions in the tapestry-lined rooms of Bremen's gabled, 15th century city hall, the Club of Nine produced a three-point package that leaders of the four big European states will offer in Bonn...
...Schmidt is likely to be an equally loquacious host in Bonn. Strengthened by the results of last March's parliamentary elections, French President Valéry Giscard d'Estaing also has been exercising more clout. The team of Schmidt and Giscard, in fact, has raised worries among the others about an emerging "EC directorate" composed of the Community's two most powerful members...
Indeed, the important decisions at Bremen appeared to stem directly from German initiative and French endorsement. The centerpiece of the discussions was the new European monetary system, a Schmidt brainchild first brought up at a Community summit at Copenhagen last April and approved in principle by Giscard at a meeting with the West German leader in Hamburg two weeks...
...plan is designed to shelter Community countries against fluctuations of the dollar, as well as other currencies, and thus also help stabilize the dollar itself. Schmidt's proposal features two devices: 1) a so-called boa of currencies, which would have more leeway than the old snake to let weaker currencies, such as Britain's pound and Italy's lira, initially move up and down within a broader margin than the stronger currencies; and 2) a kind of "mini-IMF" of pooled reserves from which the members could automatically draw funds to support their currencies and deter...
...four small countries called a separate caucus to sulk over what they regarded as West German and French highhandedness. British Prime Minister James Callaghan, who is reluctant to inhibit the pound in any case, argued that the scheme could be construed by Washington as a move against the dollar. Schmidt proved to be one step ahead of his critics. In a series of telephone calls to Carter, he apparently succeeded in getting Washington's blessing for the monetary idea. Said a ranking German finance ministry official: "We can't see why the British should be worried about...