4 
proper planning. Once the work starts on a reasonable scale there 
may soon be a question even of labour shortage.' " ***&•'■ 1 
The spending on infrastructure is also in all probability what 
will contribute most to the creation of additional demand in 
Europe as a whole. But who will pay for it? Germany is probably in 
a privileged position in as far as it may hope for help from 
Bonn.The Federal Republic will have to turn Keynesian to face this 
task and one may foresee a lasting conflict between Bundesbank and 
government. For all the eastern countries the need to secure 
guaranteed credits on cheap terms is pressing.There is a danger of 
~ t • Л 'Г<* i*h £ t ., ; . 
repeating the experience of the LDCsythe more since some of these 
countries have still old debts on their shoulders. The decisive 
f r 
• • ( С ь 
question is therefore the interest policy of the Western 
countries. Only a low real rate of interest will make it possible 
to finance the required tasks without again heaping up insoluble 
problems of servicing the debt. 
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fl£. Í 
VI