Word: triffin
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Dates: during 1970-1979
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Hollow Pledge. Yale's Robert Triffin, a leading monetary expert and a member of TIME'S board of economists, says that the Europeans have decided to challenge the dollar's dominance because "the present system makes them dollar satellites." Under IMF rules, foreign central banks have no practical alternative but to support the value of the dollar by absorbing any surplus dollars that are offered in their own market places...
...Market currencies from the present 1½% to 1.2%. Nationalistic jealousies, or even a surge of inflation, could stall the effort. In their negotiations to enter the Common Market, however, Britain, Norway, Denmark and Ireland have accepted the concept of economic and monetary union. Europeans are increasingly convinced, says Triffin, that this may be the only way for them "to regain monetary sovereignty already lost...
...ROBERT TRIFFIN, professor of economics and master of Berkeley College at Yale...
...Matter of Faith. European countries are organizing to give themselves more muscle to force the U.S. to restrict the outflow of dollars. Partly at Triffin's urging, the six nations of the European Common Market are moving to set up a joint reserve fund as an initial step toward a common currency. The directors could make collective decisions on how many dollars to accept in the European reserve fund and on the management of any revaluations. They could also impose joint restrictions on the amount of Eurodollars that U.S. banks could borrow. That would hurt money-short U.S. businesses...
...Washington wants international financial stability, says Triffin, it must ultimately find ways for the U.S. to live within its means. The indispensable first step is to curb the inflation that is damaging the nation's competitive position...