The challenges facing industrialized democracies as they enter the 21st century may, at first glance, appear daunting -- ranging from economic stagnation to security and global political leadership -- but they cannot be allowed to become as insurmountable as they seem, according to panelists at a symposium held to mark the 100th anniversary of The Japan Times.
Held at The Japan Times-Nifco Hall in Tokyo's Minato Ward, the symposium titled "The Japan Times Centennial Symposium; Challenges for Industrial Democracies in the 21st Century," brought together the three joint chairmen of the Trilateral Commission: Paul Volcker, former chairman of the Board of Governors of the U.S. Federal Reserve System, Count Otto Lambsdorff, a member of the German Bundestag, and Yotaro Kobayashi, chairman of Fuji Xerox Co. Toyoo Gyohten, senior adviser to Bank of Tokyo-Mitsubishi, served as moderator of the debate, which followed the close of the three-day annual plenary meeting of the Trilateral Commission.
The three panelists agreed broadly on problems that their respective regions -- North America, the European Union and Japan -- face as the millennium approaches, but each placed differing emphasis on the most serious challenges. In his speech, Volcker said he has been "frustrated" by recent huge swings in exchange rates. "I can hardly think that is a healthy situation," he said, going on to question the national governments' monetary policies.