Word: summiteer
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Dates: during 1980-1989
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...foreign and domestic indebtedness. Not only the President but also the U.S. itself are widely seen as weaker abroad, a perception that is reflected in a declining American ability to lead the way on international economic issues. That fact may reflect one of the major challenges of the summit: How can allies long accustomed to U.S. leadership find solutions to their economic problems at a time when the U.S. is becoming, at best, first among equals...
...rising potential for global recession along with a painful end to five years of sustained economic growth. To help prolong that expansion, the leaders must try to make stronger commitment to resist the lure of protectionism, which is beginning to cast a dangerous pall over world trade. Another summit priority will be taking further steps to ease the international debt crisis, which is simmering once again with the decision by Citicorp and other big U.S. banks to set aside billions of dollars for anticipated Third World loan losses...
...expectations attendant on the Venice gathering are in sharp contrast to the high hopes that preceded last year's Tokyo summit meeting. At that session, which President Reagan cheerfully reviewed as the "most successful of the six I have attended," Treasury Secretary James Baker helped to win endorsement of an ambitious plan to control the volatile relationship between the U.S. dollar and other currencies through tighter coordination of economic policies (see box). The agreement was easy to reach, but the goal proved difficult to accomplish: despite a spate of follow-up meetings among economic leaders, market forces sent the dollar...
...goal of the Venice meeting -- to boost global economic growth -- calls for fundamental, and thus more difficult, changes in disparate national economic policies. Even so, financial markets turned optimistic last week as the summit meeting neared. On Wall Street, the Dow Jones average of 30 industrial stocks rose 48.37 points over the previous week, closing at | 2291.57. The U.S. dollar staged its strongest rally of the year, rising about 2% against the yen and the deutsche mark in two days. Experts wondered, however, whether the financial markets could continue to pay such handsome returns in the face of dismal economic...
Despite the urgency of economic concerns, only a portion of the Venice summit will be devoted to economic issues. The leaders will blanket as many pressing issues as possible. First among them will be Soviet Leader Mikhail Gorbachev's challenging proposal to remove short- and intermediate-range nuclear weapons from Europe. Other conversations will probably focus on the defense of Persian Gulf oil traffic following the attack on the U.S. frigate Stark, the international war against drugs, the fight against the AIDS virus, and terrorism...