Word: summits
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Dates: during 1970-1979
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...which came under the scrutiny of the Community's Finance Ministers in Brussels last week. Devised by West German Chancellor Helmut Schmidt and French President Valéry Giscard d'Estaing to insulate Europe from fluctuations of the dollar, the plan had won approval in principle at a Common Market summit in Bremen last month, and had been presented to President Carter and other leaders of the industrial West at the subsequent Bonn summit. British Prime Minister James Callaghan, however, remained cool toward the idea. In the first place, the British?and for that matter, the Italians as well?are reluctant...
...nations might be planning to stop pricing their oil in dollars and switch to a basket of stronger currencies. To that litany, businessmen, bankers and money traders added a couple of new elements: dismay at the lack of any sort of dollar-strengthening scheme to emerge from the economic summit in Bonn of the previous week, and a feeling that European leaders are making unexpected progress on setting up a unified Common Market currency that could, in effect, reduce the dollar's importance in international trading and depress its value still more...
Western Europe. Until now, West Germany has accepted the discomforts of slow growth and high unemployment (1 million, or 4.4% of the work force) in order to keep inflation at a low 2.7%. Schmidt promised to do what he had planned even before the summit: put in a stimulus plan. It calls for pumping $7 billion into the West German economy, largely through tax cuts, and should make his country a larger buyer of imports. Britain's James Callaghan, who faces elections in the fall, was the most cautious. He pledged only to continue his present policy of expanding...
There will be another summit next year, it was agreed, probably in Tokyo. But the inability of past summits to accomplish much brought forth a question that haunted some of this year's participants: Has the world entered a new era of slow economic growth...
...Bonn summit, the leaders of the Seven achieved a positive move in that direction by agreeing to combat inflation while seeking to encourage moderate growth. But those good intentions must now be translated into action. Otherwise, the world seems destined to move unevenly from one quick-fix summit to the next without ever coming to grips with the underlying problems...