NewsMine — cabal-elite — international-banking — euro — Viewing Item

France wants more currency than eu allows Original Source Link: (May no longer be active)    http://straitstimes.asia1.com.sg/world/story/0,4386,207971,00.html http://straitstimes.asia1.com.sg/world/story/0,4386,207971,00.html SEPT 3, 2003 France's 4% deficit puts it at odds with EU PARIS - France's budget deficit will hit 4 per cent of GDP this year, well above initial estimates and sharply higher than the acceptable level set by European Union budget rules. The increase in the public deficit comes at a time of general economic downturn across much of the euro-zone. It puts France on a collision course with the European Commission over its spending policies and economic reform. France's public deficit estimate is the highest among EU countries, ahead of Germany, which notified the EU's executive last week that it was likely to run a deficit of 3.8 per cent this year. Paris had estimated that the deficit would be 3.4 per cent of gross domestic product (GDP) this year, but a sluggish economy has drained government coffers as Paris has continued to reduce taxes in hopes of spurring an economic revival next year. The economic and finance ministry said the government had preferred to let the deficit widen rather than take painful measures to rein in spending. Instead, any hopes for more robust growth in the 2 per cent to 2.5 per cent range have been pushed off until next year. 'The government made a balanced and responsible economic policy choice,' the ministry said. That is not what Brussels is likely to think as France was already in hot water with the European Commission, along with Germany, for last year's deficit. France's public deficit breached the 3-per-cent limit laid out in the EU's 1997 Stability and Growth Pact last year, when it reached 3.1 per cent of GDP. Repeated breaches of the EU limit can lead to sanctions. France says the Stability and Growth Pact must be respected but should be interpreted with 'flexibility'. Government spokesman Jean-Francois Cope reiterated the government's determination to further slash taxes. Private-sector economists expect France's deficit to remain well above that level next year, and perhaps equal this year's 4 per cent mark. An economic upturn is unlikely until next year. -- AP, AFP -------------------------------------------------------------------------------- Copyright @ 2003 Singapore Press Holdings. All rights reserved.

Berlusconi says euro strangling economy Blair destroy euro support { May 10 2003 } Blair push euro referendum { May 16 2003 } Brussels considers imposing currency controls Capt.1052747314.euro_rally_fra109 [jpg] Central banks buying euros instead of dollars { February 2007 } Central banks may buy euro over dollar Cocaine found most euro notes Death 12 nationstates [jpg] Death 12 nationstates { January 2 2002 } Death12 nation states [jpg] Dollar below euro Dollar hits lows vs euro and pound { June 2007 } Dollar loses on euro on ecb rate hike { March 2 2006 } Ecb declines to act on relentless euro { January 9 2004 } ECB hikes rates to 5yr high { March 8 2007 } Ecb limit sales of gold reserves { March 8 2004 } Ecb looks to inflation data { March 7 2004 } Eu bank pressures asia currency rise against dollar { July 5 2003 } EU says bush tax cut endangers world { February 23 2003 } Euro ad [jpg] Euro displaces dollar as preferred bond currency { January 14 2007 } Euro drops because closed US markets dont crash { December 2008 } Euro drops to lowest on french treaty rejection Euro facing major test { September 24 2003 } Euro fresh highs { May 9 2003 } Euro gains after euro pres suggests interest hikes { November 21 2005 } Euro governance { May 23 2001 } Euro hits high Euro is launched { January 2 2002 } Euro world reserves gain on dollar reserves { December 30 2007 } Europe concerns over euro rise Europe unlikely to win agreement halting euro surge France calls on eu to improve ties with china France defies eu rules France in vigilance plea on falling dollar { November 27 2006 } France is top overseas investor in 2005 { June 28 2006 } France questioned by eu partners France wants more currency than eu allows French german leaders agree to bce independence Gold and euro stay coupled says rothschild { June 8 2005 } Gold drops when euro weakens Italy minister says euro should be dropped Lack of control fiscal policy { January 2 2002 } Must support euro { April 22 2003 } Never single currency { May 23 2001 } New all time high against dollar Poll decide euro future { January 5 2002 } Russia may switch foreign exchange reserves into euros { November 23 2004 } Russia pricing oil sales in euros Sweden barely rejects euro { September 14 2003 } Sweden euro poll clash after lindhs death { September 10 2003 } Threatens euro bank { January 5 2003 } Time for europe to defend itself Uk not ready for euro { May 15 2003 } UN report says eu japan will pass US economy { August 2007 } US dollar makes gains on euro Files Listed: 57

Correction/submissions

CIA FOIA Archive

National Security Archives

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information, go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purpose of your own that go beyond 'fair use', you must obtain permission from the copyright owner.