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Money Makes The World Go Round - Or At Least Europe

Compiled By Business Staff

Last week’s breakthrough in Europe to create a single currency will take on new meaning this week for Americans when President Clinton hosts a United States-European Union Economic Summit.

Although creation of the “euro” is a distinctly European matter, Americans are likely to catch a sense of the importance of the so-called monetary union should Clinton give the plan his presidential endorsement.

The euro is scheduled to be launched Jan. 1, 1999, but will not be in general circulation until 2001. It probably will be worth about one dollar.

Europeans, with their francs and marks and lira, have been debating the creation of a single currency for years.

Germans continue to have doubts about giving up their powerful mark, worrying that the currency’s strength will be dragged down by the Italian lira, the Portuguese escudo and the Spanish peseta. The British are even less pleased about a single currency.

Leaders of Germany, France and other nations struck a compromise Friday to create a single currency during a summit at the 13th century Dublin Castle.

To join the single currency, each country must limit their budget deficits and debts and maintain low inflation so as to keep the value of the euro in balance. Any nation that violates the rules may be fined unless they can show they are victims of a recession.

Clinton will hold a joint news conference today in Washington, D.C., with Irish Prime Minister John Bruton and European Commission President Jacques Santer.

European officials last week unveiled the colorful new money that meticulously avoids favoring any one country. Designers did not use likenesses of famous people or specific buildings, opting instead for anonymous bridges, windows and doorways.

In other events this week:

Today

Spokane Area Chamber of Commerce board of trustees meets at noon at 1020 W. Riverside.

Spokane City Council meets at 6 p.m. in City Hall, 808 W. Spokane Falls, to consider setting assessments for the downtown parking and business improvement area.

Federal Reserve reports on industrial production and capacity utilization for November.

Tuesday

Spokane Sports, Entertainment, Arts and Convention Advisory Board meets at 4 p.m. in the Opera House, 334 W. Spokane Falls, to consider proposals for the convention center’s expansion.

USAir reservations and airport personnel vote in Pittsburgh on whether to be represented by the Communications Workers of America.

The Northeast (U.S.) Dairy Compact Commission holds first of two public hearings on a controversial plan for setting milk prices.

Sen. John Glenn speaks in Dayton, Ohio, to celebrate 93rd anniversary of powered flight.

U.S. Department of Commerce reports on housing starts for November.

Federal Open Market Committee meets to schedule interest rate policy.

Wednesday

Washington State Department of Revenue holds free New Business Outreach workshop at 8:30 a.m. and 1:30 p.m. on the eighth floor at 4407 N. Division. Call 482-3800.

“Procrastinator’s pesticide recertification workshop” begins at 9 a.m. at the Spokane County Ag Center, 222 N. Havana St. Call 533-2048.

Thursday

Business After Hours opens at 5:15 p.m. at the Quality Inn-Oakwood, 7919 N. Division. Cost: $5. Call 459-4111.

Spokane City Council meets at 3:30 p.m. in the lower-level conference room of City Hall for an update on the city’s affordable housing status.

50th anniversary of beginning of war in Vietnam.

Commerce Department reports on trade deficit for October.

Friday

Spokane Ag Bureau holds annual Christmas party and auction, beginning at 11:30 a.m. at Playfair Race Course. Call 459-4114.

Golden Globe nominations made in Los Angeles.

Commerce Department gives its final estimate of economic growth for the third quarter.

Sunday

International jewelry fair opens in Singapore.

, DataTimes ILLUSTRATION: Graphic: Measuring the Economy

MEMO: This sidebar appeared with the story: On the shelf Business Week, Dec. 16: The magazine says its three-month investigation reveals that the small-cap stock market has been infiltrated by organized crime, despite the efforts of regulators and law enforcement. Moving in The Spokane Area Chamber of Commerce handled 1,944 inquiries this year from people considering moving to the area, down from 2,146 last year. But for the first time in seven years of record-keeping, more relocation and general information requests came from Washington state than California. The largest portion came from Puget Sound. The top five states for information requests in 1996 are: Washington, 23 percent; California, 19 percent; Oregon, 6 percent; Texas, 5 percent; and Arizona, 4 percent.

This sidebar appeared with the story: On the shelf Business Week, Dec. 16: The magazine says its three-month investigation reveals that the small-cap stock market has been infiltrated by organized crime, despite the efforts of regulators and law enforcement. Moving in The Spokane Area Chamber of Commerce handled 1,944 inquiries this year from people considering moving to the area, down from 2,146 last year. But for the first time in seven years of record-keeping, more relocation and general information requests came from Washington state than California. The largest portion came from Puget Sound. The top five states for information requests in 1996 are: Washington, 23 percent; California, 19 percent; Oregon, 6 percent; Texas, 5 percent; and Arizona, 4 percent.