High West German offiicals in Bonn and here at the central bank headquarters say the results of the London summit meeting lase week-end were a remarkable endorsement of West Germany's conservative economic philosophy.
Chancellor, Helmut Schmidt "is fully content," according to one of his offical spokesmen, and feels that he came away from the summit not only with a new, close relationship with President Carter, but with all substantive West German positions intact.
In fact, officials in Bonn feel so good about their accomplishments at the London meeting that they are taking care not to sound as if they are bragging. They are fully aware that American officials, with equal vigor, are claiming an American vicotry.
The West Germans say the conference not only endorsed their prescriptions for world economic health, which stress the danger of inflation above all else, but also moved toward their positions in the touchy areas of nuclear-energy control and human rights.
There are three main economic areas where the West Germans feel that all industrial nations, not only the United States, are moving toward their position, largely because Bonn has had such outstanding economic successes.
First, the summit declaration says: "Inflation does not reduce unemployment." A West German official observed that no such flat endorsement of classic economic doctrine appeared in the declarations of the two prior summit meetings, at Rambouillet and Puerto Rico. It is actually a short summary of the economic philosophy of President Ford's chief economic adviser, Alan Greenspan.
Second, as a consequence of a new concern over inflation, Carter dropped his earlier demand for faster economic growth rates. Instead, the conference agreed that each country would fulfill its existing growth targets, language that is now highly touted by the United States as "a new initiative." But the West Germans say that's what they were planning to do anyway.
In an interview today at the central bank, where he is to take over as president June 1, its vice president Otmar Emminger said: "For us it means there will be more exhortation to inflate a little more to make life easier for other countries. That conforms to our thinking and our experience."
In another interview, Otto Graf Lambsdorf, economic specialist for the Free Democratic Party, said he had been convinced after a Washington visit in March that the extra growth ideas pushed by Under Secretary of State Richard Cooper and Assistant Secretary of Treasury C. Fred Bergsten "would not play a role in the London summit."
In the third economic area, where the West Germans claim new support, the summit declaration on the international responsibilities of strong and weak countries in meeting balance-of-payments deficits did not go too far for Bonn's taste. The key phrase, so far as West Germany is concerned, is that strong countries should expand internal demands only "within prudent limits."
That, says Emminger, is precisely the West Germans' view. "We've always accepted our responsibilities in the terms outlined in the declaration," he said.
Thus, except on trade, where the West Germans - like the United States - would have liked positive language assuring no new trade barriers, they see the London declaration as a virtual rewrite of ideas they have been espousing all along.
Yet, in London, U.S. Treasury Secretary W. Michael Blumenthal said he could not think of a major issue on which Carter gave ground at the summit. In part, this seeming contradiction reflects much more pre-summit wheeling and dealing than has been acknowledged by the participants.