A fundamental change is emerging in the World Bank's perception of the problems of the debt overhang and in its ideas for development strategies. The author examines the implications for debtor countries.

The Federal Republic of Germany will be facing in the next few years changes in its economic structure which, if not in their extent, in their effect on the employment situation will be without parallel in the post-war period. After fifteen years of nearly uninterrupted full employment, it is...