(a) a well-educated and superbly trained workforce;
(b) the German tradition of zuverlaessigkeit, a word for which the English translations 'dependable' and 'reliable' do not convey the depth of the commitment;
(c) a pattern of corporate ownership that allows Germans to manage for the long term; and
(d) a strong chauvinistic tendency for Germans to support their own industries.
Until Britain can match these competitive strengths, it seems to me that a fixed parity can lead only to a steady erosion of our industrial market share. Industrial competitiveness is the precursor, rather than the product, of a stable currency.
17 SeptemberReuse content