Europe Enters the Eighties

After a decade of instability, Europe looks to the eighties with the hope of achieving the goals of stable growth and lower inflation. M. Barre's plan in France, the election of Mrs. Thatcher in Britain, the Pandolfi plan in Italy, the Moncloa pact in Spain and the establishment of the European Monetary System (EMS) are the principal steps recently taken to elaborate and achieve these goals. Unfortunately, instability cannot be eliminated simply by rhetoric or by relying on bureaucratic solutions. To achieve greater stability in the eighties, the countries of Europe must develop medium-term policies for external and internal balance which avoid the mistakes of the seventies.