Browsing all articles tagged with French
May
18

French President Urges Euro Zone Government

Francois Hollande, French President called on Thursday for an economic government for the euro zone with its own budget the right to borrow a harmonized tax system and a full time president.

At a 150 minute news discussion marking his first year in office a day following economic statistics showed France had fall into recession, the Socialist leader defended his record on economic reform and budget regulation and informed the French people they would have to work a bit longer for a complete pension in future.

Rebutting criticism that France has lost its leadership role in Europe as of its dwindling economic competitiveness, Hollande thought he wanted to create a fully-fledged political European Union within two years.

Hollande said it is my responsibility as the leader of a founder member of the European Union to pull Europe out of this torpor that has gripped it and to reduce people’s disappointment with it.

He accepted that he could face resistance from Germany, Europe’s dominant power, which opposes mutualising debt between member states. Berlin is also reluctant to give the euro zone its own secretariat for fear of deepening division in the EU, among the 17 members of the single currency and the 10 others.

Non-euro Britain’s government previously faces growing domestic pressure to hold a referendum on leaving the bloc.

Hollande stated he wanted Britain to stay in the EU but added, he can understand that others don’t want to join the single currency, however they cannot stop the euro zone from advancing.

Hollande said a future euro zone economic government would debate the main economic and political decisions to be taken by member states, harmonize welfare policies and national fiscal and launch a battle against tax fraud.

He proposed bringing forward planned EU spending to combat record youth unemployment, pushing for an EU-wide transition to renewable energy sources and envisaged a budget capacity that would be decided to the euro zone along with the gradual likelihood of raising debt.

Mar
16

Italy and France See Leeway on Budget Rules At EU Conference

Italy and France won support for a somewhat further growth friendly explanation of European Union budget rules at a meeting on Thursday following French President Francois Hollande challenged German driven fiscal austerity.

The 27 EU leaders agreed following discussion how to overcome recession and mass unemployment unleashed by three years of the euro zone’s sovereign debt crisis, to allow superior scope for public investment when reducing government deficits.

The potential’s presented by the EU’s existing fiscal framework to balance productive public investment requirements with fiscal discipline objectives can be exploited in the defensive arm of the Growth and Stability.

Exceptions would have to be permitted by the euro zone states and executive European Commission, however Italy’s and Hollande Europe minister drew support from what they depicted as a concession.

The Socialist French leader said that they were summiting their deficit reduction commitments however in a way that does not challenge our objective of growth.

He further said that’s the discussion that is now going to start with the Commission and the leadership we were given today permit us to approach this discussion with confidence.

Germany, the leading stickler for fiscal regulation, is worried that any straying from the course of deficit reduction will lift debt burdens and reignite financial market turmoil.

However Chancellor Angela Merkel avoided any clash with France, they made clear in a very consensual conversation that structural reforms, budget consolidation and growth are not in contradiction however are mutually reinforcing.

Hollande recognized this week that France’s budget deficit would strike 3.7 percent of GDP this year, omitted the 3 percent it had promised EU partners because of flat economy. That illustrate criticism from Germany’s central bank chief who stated French economic restructuring seemed to have floundered.

Dec
8

French finance minister says not Protest for Eurogroup job, Euro zone inflation pressures set to ease

France’s finance minister stated on Friday that he was not campaigning to swap Jean Claude Juncker as the new chairman of euro zone finance ministers, while he had been doubtful as a possible candidate.

Pierre Moscovici said that they will think regarding it jointly, he is not a candidate. The president must be picked by agreement. He is not campaigning.

A source close to the minister make clear his comments explaining the procedure to elect a new chief had not started yet and it would be early to talk regarding candidates.

Juncker, Luxembourg’s Prime Minister stated on Monday that he would step down as euro group chief at the end of this year or early next, giving officials just four weeks to locate a successor to fill a potential power vacuum.

Euro zone inflation pressures

Euro zone price pressures cut down in October close to June’s 27 month low, reduction in three of the bloc’s largest economies, an indicator designed to predict inflation trends demonstrated on Friday.

The euro zone prospect Inflation measure formed by the ECRI(Economic Cycle Research Institute) knock down to 93.3 in October from 93.7 in September, as a liked national measures cut down in France, Italy and Spain and held stable in Germany.

Official statistics showed on Friday that inflation in the 17 nation currency bloc dropped to 2.2 percent in November, its weakest level since December 2010, however unemployment rate climbed to new record highs in October.