By regularly devaluing their currencies, these countries were able to restore competitiveness. But after the launch of EMU, this policy option was no longer available, of course. The hope was that these countries would adapt to this new reality and unit labour costs growth would slow down. But has this happened?
Hence it has been a special pleasure for me, and my Ford Administration colleagues, to see our view of Gerald Ford increasingly being shared by the American people and the rest of the world. When I was invited to participate in this series of lectures complementing the remarkable exhibit entitled “The American Century,” I was told to talk about anything I’d like.