Word: pre-summit
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...their oil-import bills, which have to be paid in dollars. Furthermore, high U.S. interest rates, which are pulling in capital from around the world, have forced European nations to keep their own interest rates high, thus deepening a Western European recession (see ECONOMY & BUSINESS). But at their own pre-summit in Luxembourg two weeks ago, the Europeans could not agree on any common strategy to fight inflation and recession. They are divided between the tight-money policies followed by Thatcher and Schmidt and the stimulative spending approach that Mitterrand is bringing to France...
...pre-summit Foreign Ministers' meeting called to whittle down the agenda and prepare positions, the Council of Ministers had hammered out a series of resolutions on the foreign intervention that one delegate aptly described as "mush." One resolution maintained that the defense of African states was the sole responsibility of the states themselves...
During his pre-summit soundings, Sadat told a press conference in Kuwait: "President Ford can solve the crisis if he wants to. The U.S. is in possession of 90% of the cards in the game." Therefore, he announced, he would seek a commitment that the U.S. would not agree to continued Israeli occupation of Arab territory. He also let it be known that, in view of congressional support for up to $2.5 billion in aid requested by Israel in the next fiscal year, he too intended to ask for American financial help. Publicly, the Ford Administration demurred at granting...
...indicate to the public the complexity of the current inflation and the lack of agreement on feasible solutions, even among experts. These are important pluses. Beyond that, much depends on how President Ford weighs conflicting advice and melds it into a program. He may have missed an opportunity in pre-summit meetings to enlist the cooperation of labor and business in moderating wage settlements in exchange for Government agreement to reduce taxes. The major task before us is to prevent the commodity price inflation of the past two years from getting built into wages. If that happens, we will have...
...list of 32 rigidities prepared by Thomas Moore of the Hoover Institution was presented last week to a final pre-summit meeting of economists. While there were quibbles, as well as a few major exceptions taken to Moore's list, the economists were overwhelmingly sympathetic to the general thrust...