D'Estaing, Valéry Giscard
September 1983
Foreign Affairs;Fall1983, Vol. 62 Issue 1, p176
This article presents the author's opinion on several factors affecting the world economic situation, including the conditions for a lasting economic recovery, the phased march toward a new Bretton Woods and a joint assessment of the structural aspects of the crisis, as of September 1983. The general conclusion of these three lectures is left open for you as listeners--and now as readers. But I will suggest this. There was, before the crisis, a gradual evolution in international relations, growing interdependence and complementarity between industrial countries, detente in East-West relations--with, however, weaknesses and drawbacks. These developments have been interrupted, and we have instead a fragmentation of conflicting issues, policies and solutions. Clearly, lasting changes are taking place in our societies, new social and cultural values, new aspirations, new concepts. But the present moment, 1983, offers new opportunities and new challenges through the conjunction of three events. First, the waning of the energy crisis, which carries with it opportunities to ensure lasting economic recovery, develop a new dialogue with the oil-producing countries and take measured steps to move the monetary system toward a clearly stated objective of a fixed structure. Second, a change of leadership in the Soviet Union with its likely effects on the internal evolution of the East European countries and on East-West relations, probably the most important challenge. Finally, a new strategic balance as exemplified by the decision on the deployment of Euromissiles and recent military technological developments. We should use these opportunities and challenges to promote a new climate of hope and confidence in the ability of our democratic governments to bring about orderly change internally and to provide the world with a clear vision of a more predictable and desirable future.


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