ABSTRACT
Inflation, interest, and exchange rates showed wide fluctuation spreads which were not always reconcilable with economic or political developments. The structural adaptation of economies to changed market conditions worldwide became the economists’ undisputed magic formula for solving economic difficulties, especially labor market problems. The dangers to the Federal Republic of an economic blockade triggered by extending the COCOM lists are all too obvious. Decisions to have specific countries assume the role of locomotive to pull others — as was given West Germany by the 1978 world economic summit meeting in Bonn — are completely out of place in the present economic situation. Regarding imports, however, any possible dependence is confined to the Western European countries and to West Germany in particular. The agricultural sector, be it in the United States or in Europe, has always been the prime example of an industry which has never been exposed to international competition.
