Many people say the French know more than anyone about Does that mean they wfil do best out of a single market?
That does not necessarily mein French business has a hod wart. It is doubtful, though, that systeimtti- ally protecting the EC's market would make Us industries any stronger. Sana of are weak today because Urny have been over protected to she part. US and Japanese industry can in any case always set up local factories. American companies, such as Fora and I BM , already make locally m ost of what they sell in Europe and - more than many of their local competitors - they treat the EC as one market.
Jap anese manufacture rs have so far been slower to invest in European facilities, but that may Q: That is not explicitly part of the pfeu ami the practical and political obstacles remain formidable.
Howev er, m any w mfflnMa believe progress towards a ringte market will require much closer policy coordination ami a reductio n of mrtlmBil a m tmwm iy In monetary affairs. The European Currency Unit Ben may also be more widely used as a unit of account. The stogie market plan calls for the removal of remaining exchange con- trols and freedom of trade In financial services. Some countries, such as France, wam to strengthen the mechanisms of the Eu ropean Monetary System.
Many would also tike Britain to become a frill member. Q; WIH is single market bring faster! Nobody knows whether bustoeam and markets would also he encouraged to behave more dynamically. Much will depend an the type of macroeconomic policies the Community follows and on the nde of comp etiti on policy and other measures which affect the structure and efficiency of European economies.
The future of the single market plan is also likely to be jnflnencert by the economic ettmate in the next few years. Progress could grind to a halt if there were a deep recession in Europe or severe instability in the financial mar- kets, causing governments and busi- nesses to be more cautious.
It is always harder to make concessions and painful adjustments when things axe going badly. The humidit y took its toll of the fancy dress entrant-a. By the fast three miles the gorilla and cockerel were well back but the headless ghost was going strong and the groom was still carrying his effigy hrida on his shoulders. The sillier outfits were so fer towards the rear of the field that it was encouraging to see a clown with the serious runners - the man with the green face and hair, not far outside 2hr somin, Is to be ap p laud e d.
In Jubilee Gardens, where the co m pe tito rs meet their families afterwards, there are 26 plane trees, a convenient number for assembly points using letters of the alphabet The smart runners use Z. On some letter-cards, scrib- bled messages from previous years paint a sorry picture of the ghosts of marathons past: This has nothing to do with the meeting I tse l f, to suite of the fairly awful US trade figures which rounded it off. It is simply because the next one to fa Benin. These migrations have hap- pened at every other annual meeting of the IMF since it was founded.
The convention is beginning to look an expensive way of pro- claiming what nobody believes. The wffwriai part on the capital- ist side at the Wall will be scat- tered over the city and partici- pants will face a bus ride to the remote conference headquarters. Those who miss the bus will bqpe to avoid tiie Toronto experience, when taxi drivers imparted for thfi newwkm often g q f- wnowplnteTy lost Two years after Berlin they can look forward to Bangkok.
They are to be covered fhfo week and may only be revealed again for final photographs unless the Depart- ment of the En v i r on m ent aDoWS, as expected, some scheme to dis- play the findings under the pro- posed art gallery development next to Guildhall. This last stage win reveal the perimeter wall of the amphi- theatre and, who knows, maybe biding the elusive due that will allow historians to establish far certain w hether gladiators ever fought in Britain.
The dig - about to go under Gufldhan yard iaita second stage - has been woefully short on bits so fer. No belt buckles, avoid huts, broaches or old san- dals; jurt a few coins which have, however, led to the belief that the structure was built between TO and AD and that something survive d ther e until the late fourth ixdilmy.
The discovery of thfi timbers of an earlier amphitheatre will, through the science of dendro- chronology study of tree rings , ghre the date of their faTHng to within 10 years. Ring patterns are repeated in trees of the same era and the already possessed knowledge of patterns to that period SUOUld malrp dating q mtp straig htfo r w ard. Developer Tony Barbet is not too impressed with the London amphitheatre.
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Be even has a hero to rival Eric Bloodaxe at York. He is Sea- ting Ma i csanua. Barbet wants to reconstruct part of the arena for shows and displays of square bashing by tim Ermine Street Guard, a reenact- ment society based on tiie 20th Legion. Nick Bateman, fa rJtargp of toe site, explained that the pressure was of their own mak- ing since the team had a farther 15 rites to investigate to Taniinn end only a Bnritud time to g et through tinmi.
Xn the Middle Ages, it' was not uncommon for financially dis- tressed princes to swap parcels of their kingdoms for cash. Now the US has reached a his- torical watershed in which real estate could again, become an instrument -of ecou o mtr diplo- macy, Bonald Reagan should attempt to secure a place in his- tory as the first President to deliver a three-term consumption boom by auctioning off a of American territory large enough to unfimr tril- lion miTBon million linHam of bmlgei deficits and trade defleita. With the dollar in rnirptanttnir decline. As more US companies go cm the auction block, the man in the street is also starting to wonder whether he ready wants , his next boss speaking to hftn in Cw imb i or Australian.
During the past year he has taken out balance of payments insurance by pBrmmHwg foreign central banks to suppress an upsurge of American interest rates by purchasing nearly fbn of CS securities.
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But even Mr Baker's stra te gy of turning foreign central banks By David Hale into dbjtoto Republican political action committees: There is growing criticism in the Japaneseand Taiwanese parUa- nwnis of the high cost of sup- porting the American dollar. What real estate should the White House sell? The American people would never permit a for- eign creditor to take possession of terr i tory on the North Ameri- can mainland, so Mr Reagan will probably have to sett the Japa- nese an island.
As Mr Bush wffl need a lot of cadi to honour his pledge never to raise taxes, only two islands could bring a price high enough to make it credible - Hawaii or Manhattan. If offered a choice, toe Japanese would deariy love to buy HawaiL B would be in the twHkmi inter- est, however, for the White House to offer them lgarihgtraw because it would be worth for more to toe DS economy under Japanes e contra!
K they chore to nm it toe American. But Japanese bureaucrats also want investors to make money. They policies Men fttvl rawftwWB Tokyo share tore. The best hope for of beef, rice and oranges. As with encouraging a quick revival in TOkyo itself, a large chunk of American share prices is there- Manhattan would have-to be' fore a joint venture in stock mar- a mixture of. Confucianism dgned to ktes in a perpetual she and in price. But there lifestyle adjustments.
Choice between fiscal austerity As the ridiculous over-valua- would ultimately seem trivial and selling another trillion dol- tiou of Nippon Telephone and compared to the bene- Jars of national assets to foreign Telegraph shares testifies, fits. Most Wall Street brokerage bargain hunters.
Yen-rich Manhat- make an important difference to selfrftilfnHng parody of Western tafotes woold be aide to goto the the outcome. It is thrw to get.
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Worth American, continent for America out of the bargain base- investors bid up fire duftes. As part of Greater Mp- bureaucrats. Like many immig rants to the Lone Star state, he has just as much of the effusive good al' boy style as the native horn. He has taken on the job of steering First RepublicBank of Dallas through what could be the biggest bank rescue in US his- tory.
Tim first quarter loss has been caused by a SLSbn addition to reserves, almost all for bad real estate loans. While economic trends are showing some improvement, no one knows the true value of financial institu- tions' huge portfolios of fore closed properties. First Republic has at least built in a wide mar- gin for error with a provision three rimpa Inrgwr thaw Miw ly nto had expected. I never saw such a gloomy group. This is all good news. With no details to feed toft hun- gry questioners, he tried to quip lightly t hrough the rest of the press conference.
The jour- nalists were mobbing instead a senior bank regulator, Mr Robert Clarke, C omp troller of the Cur- rency. He had come down from Washington determined to install a new and chief execu- tive at First Republic.
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As tt happened, the incumbent, Mr Gerald Fronterhouse, 51, jumped before be was pushed. Economies from the merger were supposed to allow First Republic to earn its way out of the deep hole, but a further steep deterioration in the real estate market drove the bank into the arms of federal reg- ulators fort month.
MT Choke, himself a Texan but of the quietly spoken, dry aca- demic type, patiently answered questions for a few moments before he realised he had inadver- tently stranded his chosen new chairma n at the podium. He politely broke off and joined Mr Casey at the microphone. But it was still Mr Clarke who drew the attention, although he took every opportunity to turn toe spotlight bade to Mr Casey.
Conti- nental iron nic during its federal bailout in Aforceful per- sonality and stature as the retired chairman of a leading local company, Standard Ott of Indiana, were his main qualifica- tions for reviving the Chicago bank. In the seven years before his retirement, American expanded rapidly, creating tens of thousands of jobs and helping to make a success of Dalfes-Fort Worth airport.
American adapted more suc- cessfully than any other Mg air- line to deregulation. It was a for cry bum the company he had joined as chief executive in Boston born and Harvard edu- cated, he worked in railway and newspaper companies before Join- ing American Airlines. His government service was spoilt, however, by questions arising from the award of a large order of postal sorting equipment to a company in toe Deltas area.
Mr Casey will be well sup- ported in his new endeavour by some old Dallas friends, who are joining him on the executive committee of First Republic's board, another move orchestrated by Mr Clarke. There is not a hanker among them, but Mr Clarke, a real Texan who knows about r u nn i ng banks, will be only a phmw call away. Inner qHIhb and flltffTriM agencies in the area s of hig h unemployment and deprivation. One day he must expect to be King: He will not then have the time for Ms present exhaust- ing schedule. R Rossbarough Sr, Your interesting article on Gatwick and Victoria Survey, March 23 brings to mind two baf- fling obstacles on this journey.
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At Gatwick, why are we obliged to farnd over our luggage to porters for the one-minute trip down the short escalator to the tr ain? The expensive new lift could twins trolleys to the station plat- form, as in Geneva, but it stands idle. At Victoria, why are taxis no fanger allo wed to pull Dp to the sta tfo n pavement where trotteys can be taken to them, as they were for years? Most people's luggage cannot easily be carried by hand across the traffic to the island, where half the taxis arrive on the wrong side anyway: Rossbarough, X Avenue Brito.
From Ur Norman Worley: Six, The plans for dBcommfe- stealing nuclear power stations niter their useful generating life is over remain uncertain witfi the proposed privatisation of the electricity industry. The pressure systems of these reactors seem to June consi d er- able advantages as passible repositories of medium- per- haps, highly active waste. Theyabo havqfarilit teftforffll- ing the pressure system with an inert gas for example, nitrogen which could, ideally, be at lower t han ipe t d- toring radiation levels, both in the plant and its surroundings.
Whether these reactor plants are adequate in capacity for such a purpose is not dear bat they do appear to present potentially acceptdite storage fecOtties. It also exaggerated the problem of means-testing more neutrally called income-relation of bene- fits. For there is no rational distinc- tion betweenthe two parts of the process, hy which government takes from the betteroff so as to gfre to the poor: No thing can thu Ufa , incentive effect of withdrawing benefits re.