• Short Summary

    THE RHINESIDE CHANCELLERY IN BONN WAS TODAY (FRIDAY) THE SCENE OF CHANCELLOR WILLY BRANDT'S FIRST POLICY-MAKING SESSION--AND, WITH ECONOMICS MINISTER KARL SCHILLER AND CENTRAL BANK PRESIDENT KARL BLESSING, THE NEW CHANCELLOR MADE HIS GOVERNMENT'S FIRST MAJOR ANNOUNCEMENT: THE REVALUATION OF THE MARK BY 8.25% TO 3.66 MARKS TO THE DOLLAR, THE PREVIOUS RATE HAVING BEEN 4.00 MARKS TO THE DOLLAR.

  • Description

    THE RHINESIDE CHANCELLERY IN BONN WAS TODAY (FRIDAY) THE SCENE OF CHANCELLOR WILLY BRANDT'S FIRST POLICY-MAKING SESSION--AND, WITH ECONOMICS MINISTER KARL SCHILLER AND CENTRAL BANK PRESIDENT KARL BLESSING, THE NEW CHANCELLOR MADE HIS GOVERNMENT'S FIRST MAJOR ANNOUNCEMENT: THE REVALUATION OF THE MARK BY 8.25% TO 3.66 MARKS TO THE DOLLAR, THE PREVIOUS RATE HAVING BEEN 4.00 MARKS TO THE DOLLAR.

    MAIN REPRESENTATIVES AT THE CRUCIAL ECONOMIC DISCUSSIONS WERE MINISTER FOR AGRICULTURE JOSEF ERTL; ECONOMICS MINISTER KARL SCHILLER AND BUNDESBANK (CENTRAL BANK) PRESIDENT KARL BLESSING -- THE PRIME MOVERS OF THE REVALUATION; DEFENCE MINISTER HELMUT SCHMIDT; AND FOREIGN MINISTER WALTER SCHEEL.

    THIS IS THE FIRST STEP IN WILLY BRANDT'S CAMPAIGN PROMISE THAT THE NEW SOCIALIST LIBERAL GOVERNMENT WOULD TAKE QUICK ACTION TO CHECK THE CURRENT BOOM IN WHICH DEMAND IS RACING AHEAD OF SUPPLY, AND INDUSTRIAL PRODUCER PRICES ARE CLIMBING ALARMINGLY FAST BY GERMAN STANDARDS. THE MOVES ARE ALSO AIMED AT CHECKING THE ENSUING WAGE EXPLOSION IN WHICH GROSS WAGES HAVE GONE UP 8% IN THE LAST YEAR -- AND ARE STILL GROWING; AND THIS IN TURN WOULD BRING AN UNDESIRABLE WAGE-PRICE PUSH.

    THE NEW PARITY WILL COME INTO EFFECT ON SUNDAY OCTOBER 26TH, SO AS TO BE IN FORCE WHEN THE FOREIGN EXCHANGE MARKETS OPEN ON MONDAY. HOWEVER, BEFORE THE MARKETS CLOSED TODAY -- RUMOURS THAT THE MARK WOULD BE REVALUED, ALREADY GAVE IT A CLOSING EXCHANGE OF 71/2% ABOVE ITS OFFICIAL PARITY.

  • Tags

  • Data

    Film ID:
    VLVA5X7D4QPH95Q2W87PS0FEDL093
    Media URN:
    VLVA5X7D4QPH95Q2W87PS0FEDL093
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    24/10/1969
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:18:00
    Time in/Out:
    /
    Canister:
    N/A

Comments (0)

We always welcome comments and more information about our films.
All posts are reactively checked. Libellous and abusive comments are forbidden.

Add your comment