Word: trades
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Dates: during 1950-1959
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...this situation came when Secretary Dulles, as early as last April, saw the problem and presented the solution to it. He pledged a revision of NATO from a purely military alliance to a group of nations united by a common danger and a common philosophy and engaging in multilateral trade. Through such an expedient we could not only effectively weld a bond between ourselves and Europe, but, by means of the revitalizing impetus that trade gives to industry, rebuild Europe into a stronger unit, militarily and economically...
...eleventh annual meeting of the International Monetary Fund last week, Britain's Chancellor of the Exchequer Harold Macrnillan spoke somberly: "The financial policy of the United Kingdom remains unchanged. However, we shall continue to take such steps as we can to liberalize our arrangements for trade and payments." With these words, Macmillan dampened a cherished hope of economists everywhere that free world currencies would soon become fully convertible, thus permitting anyone earning money in foreign trade to change it into any other currency, spend it where he chooses without restriction. The explanation is that the pound sterling, dominating...
Thus, with a stable Deutsche mark and sizable reserves, West Germany is pushing hard for an end to currency and trade barriers, has already taken big steps to make the mark fully convertible. Since last May Germans have been able to buy foreign securities in any country with which West Germany has a payment or trade agreement, are also allowed to maintain foreign currency bank accounts for the first time since 1931. Equally important, trade has been liberalized until today less than 6% of West Germany's imports and exports comes under restrictive, bilateral treaties; all the rest...
...while West Germany has stepped to the brink of complete currency convertibility, it has not yet taken the final plunge for fear of upsetting the other European currencies. The Germans worry that if they free the Deutsche mark while other currencies are weak, so much trade would flow their way that it might torpedo the European Payments Union, to the detriment of all European traders outside West Germany. Belgium, Holland and Switzerland all have stable money and trade balances, could probably compete under the terms of free currency exchange. Italy, too, is moving ahead rapidly; the lira has been stabilized...
France is in even worse shape economically. Though France is enjoying an industrial boom, with production up 31% since 1953 v. 28% for West Germany, prices and wages have soared twice as fast. Thus, with demand outstripping supply, imports have climbed so high that France's trade balance showed a $575 million deficit during the first seven months of 1956 v. $49 million surplus last year. Financiers argue that France should devalue its franc (officially 350 to the dollar, actually 405 and up) to boost exports, and take drastic steps to clean economic house. But France...