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A Profession & an Art. The moneymen bear many titles, but basically they fall into three major groups. Enjoying fairly independent positions in their governments, the central bankers those who run national banking systems —feel the freest to criticize and sound alarms. The U.S.'s Martin, for example, keeps reminding Washington that the U.S. is dangerously close to inflation, and Lord Cromer has publicly lectured the Labor government. The finance ministers, on the other hand, are politi cal appointees who are less likely to pick a fight with their governments, but their greater awareness of political realities can be invaluable in international negotiations. The solid core of the moneymen—and the real heroes—are the senior advisers who have worked their way up through the monetary system, know its machinery intimately and run it with great precision.
Because of the vast wealth and international obligations of the U.S., American officials hold a certain primacy of honor among the world's moneymen. This was undeniably the case when Douglas Dillon, as Treasury Secretary and Robert V. Roosa as his Under Secretary for Monetary Affairs were regulars at the monetary meetings. Because it will take time for their successors, Joe Fowler and Fred Deming (a new face at last week's Paris meetings), to build up comparable reputations, the Federal Reserve's Martin has become even more influential in monetary matters. Said Martin in Uruguay last week: "Some people in Washington attack me and say I'm more powerful than the President. The answer I give them is that sometimes I only wish it were true." To Martin, who has been the Federal Reserve's chairman for 14 years, central banking is both "a profession and an art."
Overshadowed by the Boss. One of the most highly respected of the world's moneymen is Guido Carli, 51, the vigorous, brilliant governor of the Bank of Italy, whose tough austerity measures cooled the nation's inflation last year but won him no popularity contests.
"The first quality of a central banker," says Carli, "is to be coldblooded. The bank governor must be a little independent of the currents and undercurrents of public opinion, to express problems in less emotional terms." Another moneyman widely admired among his colleagues is West Germany's Otmar Emminger, 54, who works as a director under Bundesbank President Karl Blessing. Emminger, who managed to attend five meetings last week, helped organize Working Party III, is a thoroughgoing internationalist who believes strongly in monetary cooperation be cause "we are all in the same boat."
The Netherlands has two especially outstanding monetary experts: Nether lands Bank President Marius Holtrop, 62, a first-rate banker of conservative leanings who is now president of the Bank for International Settlements, and Treasurer General Emile van Lennep, 50, who heads both Working Party III and the Common Market Monetary-Committee. Says Van Lennep, a jonkheer whose title of nobility dates from the early 19th century: "With Working Party III, a new dimension has been added to international monetary discussions. Now we discuss the problems of countries with surpluses as well as those with deficits."