Deutsche Mark über alles
Compared with its European neighbors, West Germany is enjoying an exceptionally vigorous recovery from the industrial world's worst postwar recession. Its output of goods and services is expected to rise 4.5% this year, and inflation is running at 5.2%, one of the lowest rates in any developed country. Yet, paradoxically, the very vigor of the comeback has created an increasingly worrisome problem. The rising value of the mark against other major currencies is threatening to cut into critically important export sales by putting many German goods at a price disadvantage in world markets.
Just since January, corporate...
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