Money: The Mark's Golden Mean

For months, international bankers have considered an upward revaluation of the German mark to be inevitable (TIME, Dec. 20). Last week Chancellor Willy Brandt's new government announced that the muscular mark henceforth will be worth 27.3 cents—or 3.66 marks to the dollar instead of the old four-mark rate.

This rise of 8.5%* is more than the 6.25% proposed by Economics Minister Karl Schiller last spring. It is also more than the 7.25% revaluation carried out by market forces in the four weeks since the mark was cut loose from its old peg. Schiller called the new rate "the golden mean—courageous...

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