We say that slavery has vanished from European civilization, but this is not true. Slavery still exists, but now it applies only to women and its name is prostitution. ↗
We can't put up a protectionist dam on our own against the neo-liberal world market either. However, we can try, together with our European partners, to maintain the social character of Europe as much as possible. ↗
In the interest rate area, traders have for a long time used a version of what is known as Black's model for European bond options; another version of the same model for caps and floors; and yet another version of the same model for European swap options. ↗
Yet in order to make sure the European social model keeps up with the pace of economic change that is now necessary, the EU must embrace a new approach to lawmaking. ↗
And the Marshall Plan, to us, meant a general who had turned into a secretary of state, and that the secretary of state saw the necessity of the reconstruction of these European countries that had suffered so heavily. ↗
Apprentice is the beginner - the first years you work in a craft in the European sense you are an apprentice. That takes 3 or 4 years. Then you are a journeyman. You can go from one master to another and learn other tricks and other secrets. ↗