European Stars And Stripes (Newspaper) - May 27, 1985, Darmstadt, Hesse                                May 1985 the stars and stripes Page 9 11 nations of monetary revision wealthy countries to Monitor one another policies Paris not the United states and 10 other wealthy nations have agreed on a modest revision of the worlds Mone tary according to officials involved in the the tentative which has not been would provide for examination of one another economic the officials the purpose of such they is to promote Overall currency stability by encouraging governments to pay More attention to the interaction of their Domestic policies with those of other the economic policies of major countries would be subjected to peer and the outsiders would be allowed to complain about actions that might harm the negotiations were conducted in a Secre Tive body known As the group of consist ing of the top monetary officials from the 11 leading Industrial countries outside the communist in addition to the United the original members were the Netherlands and they were later joined by in officials said the United Germany and Japan had rejected proposals to abandon the system of floating currency Robert a Treasury said the United states was willing to consider proposals to strengthen the present system but did not believe there should be any major Bretton Woods Type the group of 10 which was reached at a meeting of High monetary officials at the Bank for International settlements in is still subject to ministerial the United states and other major participants acknowledged that greater cur Rency stability was needed and that they should coordinate their Domestic economic policies More but the plan reflects continuing disagreement on a number of the areas of disagreement include the ability of governments to set foreigner change the need for More liquidity to help developing countries Cope with their debt crises and the role that publicity can play in encouraging governments to change their economic the Accord on monetary revision Falls Short of an ambitious blueprint proposed by Lamberto the Deputy governor of ital is Central he was chairman of the negotiating Dinis which he outlined in a lecture at Harvard last would create an International committee to oversee economic policymaking and publish regular assessments of what governments Are the present agreement grew out of wide spread grumbling about High interest rates in the United states and the strength of the which Many countries believe could have been avoided if the Reagan administration had adopted a policy mix that included a tighter fiscal the agreement is expected to be formally approved next month when the finance ministers of the group of 10 meet in before going into the plan will also be discussed with representatives of the developing world at a meeting of the International monetary funds governing interim committee in South in octo the rising value of the Dollar Jim Jsn Jim Jsn Jim Jsn 1984 1985 1984 1985 1984 1985 note spot Exchange rate for the first Friday of the month Chicago Tribune graphic source Harris Trust savings Bank the Basic aim of the agreement is to provide closer multilateral surveillance Over the economic policies of the worlds major countries by the members of the group of 10 and the according to officials participating in the they discussed the Accord on condition that they not be the they provides for International control Over major countries policies in these three ways Jacques de managing director of the would urge All countries to adopt policies to promote monetary stability the if would add a chapter to its annual review of the world critically examining the Likely effect on the world monetary system of policies pursued by members of the group of finance ministers and Central Bank governors in the group of 10 would review the conclusions of this chapter while it is being giving them an Opportunity to discuss the wider implications of their their discussion would be but the agreement provides for the chair Man of the meeting to prepare a summary of what was said about the appropriate Ness of the various members economic the agreement does not specify whether the chairman summary should be pub an earlier draft of the agreement stated that the summary would remain confident but that part was struck put last week by the United Britain and other countries believing that the Best Way of encouraging a country to alter its policies would be to publicize critical views expressed by its now the agreement leaves it up to the chairman to decide whether to publish the this question May be reopened at next months ministerial meeting in some officials co celebrate mass in highlight of today ceremony new Catholic cardinals receive Good rings from Pope Vatican City up the 28 new cardinals of the roman Catholic Church received their Gold rings of office sunday and co celebrated their first mass As cardinals with Pope John Paul dressed in the deep red vestments the Church allows Only cardinals to the 28 prelates Knelt at the pontiffs feet As he placed simple Gold rings on their left the rings were a personal gift of the polish born Pope and symbolize the cardinals special ties with his John who has greatly internationalized Church leadership since he be came the first no italian pontiff in More than 800 said the new cardinals demonstrate the Church worldwide the cardinals speak languages ranging from tamil and ibo to slovak and ukrainian and Are a particular sign of this composed of Many Lan a photo newly elevated cardinals precede Pope John Paul ii into Peters where they co celebrated a mass with the together in the Unity of the John Paul told the crowd of the mass marked the most solemn moment of the today ceremony in which the pontiff expanded the sacred College of his closest saturday the new cardinals received the red hats of office that single them out As members of the Church most select group the handful of catholics who have the right to elect a new the celebrated under threatening skies and a few drops of rain in Peters coincided with the feast of the Day catholics be Lieve the holy spirit appeared As tongues of fire to Jesus catholics consider Pentecost the Day the Church was formally since they believe once the holy spirit the apostles received the gift of tongues and were sent to preach Jesus teachings throughout the prelates conducted the mass in seven languages to commemorate the John who habitually comments on global also prayed for world peace during the mass and singled out world leaders for special for the leaders of the Peoples that they May not give in to the desire for Power and but May exercise their authority As a form of so that Justice and peace May the English prayer