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July 18, 1978 - Image 8

Resource type:
Michigan Daily, 1978-07-18

Disclaimer: Computer generated plain text may have errors. Read more about this.

AP Photo
EIGHT MEMBERS at the Economic Summit in Bonn, Germany take time out to observe sights of the city presented by West German President Walter Scheel

Summit leaders

(Continued from Page 1)
in the summit communique.
They said they would hold another
summit next year, but did not say
where. Schmidt, host of the summit,
said a follow-up meeting of officials of
the seven nations would be held later
this year to monitor how well each
country was meeting the commitments.
SCHMIDT ALSO declared West
Germany was "very satisfied with our
results" and said his country was
prepared to make a "substantial con-
tribution to stimulate" its economy and
increase growth by one per cent

beyond the current 1978 growth target
of 3.5 per cent.
(Later yesterday, the German
Economic Instutue predicted West
Germany's economic growth for 1978
will be 2.5 per cent, far short of the
government's target figure of 3.5 per
cent. The institute said the low growth
figure was due to a slowdown in the
early part of the year. The business
supported research group said West
Germany's trade surplus-which
means it exports more than it impor-
ts-should begin to decline because of
increased value of the mark and an in-

to up oil prices
crease in imports of consumer goods). But he said the Carter administration
The pledge by most of the nations to still has not won satisfactory con-
stimulate their economies is aimed at cessions to increase U.S. farm exports,
increasing employment inter- considered the chief remaining stum-
nationally. Most of the nations, except bing block to a final agreement.
for the United States, have relatively In additon to their economic accord,
high unemployment rates. the summit leaders also adopted a
GISCARD D'ESTAING said, "The statement of cooperation to combat
results of our meeting will affect all terrorism, especially airplane
those who produce, all those who work hijacking, by threatening to cut off
... Its purpose is to bring about an im- commercial air service to countries
provement in the economic situaiton that aid hijackers.
and stimulate employment." The President left Bonn shortly after
In their joint communique, the 8 p.m., 3 p.m. EDT, on his way home to
leaders said: "We must create more Washington.
jobs and fight inflation, strengthen in- The world's money markets showed
ternational trading, reduce payments only slight reaction to early reports of
imbalances and achieve greater activity at the summit, with the dollar's
stability in exchange markets." value increasing slightly.
Carter said reducing inflation has
become the top priority of U.S. ARLINGTON, Texas (AP) - James
economic policy and that he outlined Crouch, principal of Arlington High
details of his anti-inflation program, in- School, came to his office and found a
cluding the reduction in his tax cut 200-pound; gift-wrapped cornerstone
proposal, and the "very tight budget" from the school's old building that was
being prepared for fiscal 1980. torn down last vear

i~ r

ROBERT STRAUSS, Carter's special
assistant for trade negotiations, said
the summit also made importatn
progress on trade issues, making it
possible to work out a new world trade
agreement by the end of the year.

The heavy block is inscribed,
"Arlington High School. This stone laid
April 7, 1922, by Arlington Lodge No.
Crouch says he plans to have it taken
to the school warehouse until something
more constructive can be done about it.

Ann Arbor CiviC Thestre
201 S. Mulholland off W. Washington
Open Auditions
7:30 pm Sunday, July 16, Monday, July 17, Wednesday, July 19 for
"You Can't Take It With You"
Roles available all ages; male and female (except children)

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