Word: triffin
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...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...
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...
...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...
...ROBERT TRIFFIN, professor of economics and master of Berkeley College at Yale...