Maastricht Isn't Carved In Stone
In "Why dance to Germany's tune?" (Editorials, Oct. 16), you say that [German Finance Minister] Waigel and [Bundesbank President] Tietmeyer "forced European Union ministers to bow to German demands." That is grossly distorting. By all reports, both of them insisted on nothing more than the agreed-upon Maastricht Treaty stipulations. The forthcoming Maastricht II offers ample opportunity for refinement.
When it comes to German matters, your editorial writer seems to be unable to subdue his emotions. Cloaking German ambitions? The reference to Germany's insistence on Croatia's liberty is enlightening. To herald "competitive devaluation" as something positive proves shortsightedness or worse. In 1973, one French franc cost 0.60 German marks. Today, after "competitive adjustments" during the late Seventies and early Eighties, the markets ask only 0.29 marks for a franc.
Still, the consumer, whether worker or retiree, is best served by stable money. I hope the Buba and German government stick to their monetary guns, even at the price of a reduced but financially sound core EU.