SAN FRANCISCO - A.W. Clausen has emerged from retirement to speak out on economic policy.

It has been 2 1/2 years since Mr. Clausen stepped down as BankAmerica Corp.'s chairman and chief executive and six years since he ended his service as president of the World Bank. Last month, he appeared in public to talk about an issue dear to him: the importance of U.S. leadership in solving world economic problems.

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