Word: trichet
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Dates: during 1986-1986
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Western Europe's heavily state-influenced economies provide perhaps the clearest example among industrialized countries that more government control does not promote faster development. "Europe has been growing desperately slowly," says Jean-Claude Trichet, chief of staff of France's Ministry of Economy, Finance and Privatization. The Continent has been slow to adapt or innovate as economic events moved rapidly, a condition that was dubbed Eurosclerosis. Its experience with high-technology projects, like the Anglo- French Concorde supersonic jet and the national French computer program, have been costly disappointments...