Word: stoltenberg
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Meanwhile, the Administration won at least a symbolic victory in its efforts to persuade West Germany to spur its economy. The standoff between Baker and his West German counterpart, Finance Minister Gerhard Stoltenberg, eased slightly, aided by an announcement from the German central bank that it would cut two of its less important interest rates. If Bonn were to follow up * on that step and reduce its prime interest rates, there would be less pressure on the dollar. Reason: the greenback has been declining because U.S. interest rates have lately been falling in comparison with those of West Germany...
...hyperinflation the country experienced in the 1920s. Says West German Economist Dieter Mertens: "Inflation is regarded by most Germans as on a par with Communist domination and morally equivalent to the work of the devil." Even a rate of 3% or 4% is unacceptably high to Finance Minister Stoltenberg, whose resistance to foreign prodding has earned him the nickname "Ice Prince" among U.S. economic officials. The 59-year-old, white-haired Stoltenberg, the son of a Protestant pastor, is revered in West Germany for his fiscal rectitude, which enabled him to reduce the country's budget deficit by nearly...
...continue living beyond its means. They will insist on a meaningful slash in the American budget deficit. The fear of inflation is particularly strong in West Germany, which was still raising interest rates shortly before Black Monday, to the intense displeasure of the U.S. German Finance Minister Gerhard Stoltenberg last week hinted at what would be required to get Bonn to change course. Said he: "What we need most are political decisions in the U.S., strong efforts and agreements to make substantial cuts in the budget deficit." Other officials add that the Germans will insist on hard evidence that this...
Treasury Secretary James Baker meets secretly with West German Finance Minister Gerhard Stoltenberg and Bundesbank President Karl Otto Pohl. Out of the session comes a statement pledging cooperation in stabilizing currencies. Earlier in the day, Bonn's central bank takes steps to ease interest rates...
...attitude in Seoul toward Baker's debt-crisis proposal was also positive. Said West German Finance Minister Gerhard Stoltenberg: "This points in the right direction." His French colleague Pierre Beregovoy concurred: "It is an idea whose time has come." Peru, however, objected to the leadership role of the U.S. Said Finance Minister Luis Alva Castro: "We do not accept there being a single country that is subject to no control whatsoever while the countries of the Third World are condemned to hunger." Even so, Brazil's Minister of Finance, Dilson Funaro, whose country is the biggest Latin American debtor, said...