Word: triffin
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Dates: during 1970-1979
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Yale Economist Robert Triffin, a leading international financial expert and a member of TIME's Board of Economists, has observed that necessary international monetary reforms come about only as a result of crises. Now that the world has had the crises, it is time for the reform. The chaotic conditions of last week, if prolonged or repeated, pose a grave threat to international stability. The present monetary system served the global economy well for many years and helped to promote an enormous postwar expansion of world trade. But financial institutions, like any other, can stay healthy only if they...
...rates again. Combined with interest-rate cuts that were recently made in several Continental countries, this should slow the flow of unwanted dollars into Europe. Still, the deep-seated problems about the dollar's role as the world's key currency remain unresolved. Says Yale Economist Robert Triffin, a prominent monetary expert: "We are in the middle of an agonizing reappraisal-and total revamping-of the international monetary system." No one will predict exactly where it will lead, but almost all experts sense some uneasy times ahead...
...actions have had a disrupting effect on the international financial markets," explains Yale Professor Robert Triffin, a leading monetary authority and member of TIME'S Board of Economists. "The Common Market countries realized that by refusing to act together they have lost monetary sovereignty to the U.S. To recover some degree of control, they had to act jointly...
...ROBERT TRIFFIN, international monetary expert, economics professor and master of Berkeley College at Yale...
...stability, if only because the steps necessary to create that currency would greatly increase Europe's economic efficiency. Fundamentally, a smaller role for the dollar fits the realities of a world in which the U.S. is no longer as dominant as it once was. "I am convinced," says Triffin, "that the Europeans mean business about creating a regional reserve currency. This is the beginning of a real revolution in the international status of the dollar...