Global Financial Market: The Current Situation and Future Prospects

Global Financial Market: The Current Situation and Future Prospects

- Speaker: Robert Hormats, Vice President, Goldman Sachs & Co.

- Date : December 2, 1999

"A weak currency tends to make you think that you are competitive when you are not because the weak currency enables companies to compete primarily on the basis of the currency. When the currency becomes strong, you do not have any illusions about your ability to compete. You know your competitiveness depends on your ability to cut costs, restructure the industry, and improve the utilization of inventories. The strong dollar and the deregulatory environment of the 1980a were extremely important elements in US corporate changes over the last fifteen to twenty years...”