European Union Finance Ministers Gather to Discuss the Euro's Strength and EU Budget Rules
Published:
20 January 2004 y., Tuesday
European Union finance ministers were expected to face worries over the euro's strength and divisions over France and Germany's bending of EU budget rules as they gathered Monday night for the first time this year.
Ministers concerned over the euro's recent multi-record-breaking surge against the dollar in recent weeks will take some heart by a minor greenback resurgence Friday that held steady in early European trading Monday with the EU currency down 5 cents from last week's highs, at around $1.23.
However, analysts cautioned that the turnaround could be temporary, and some politicians remain concerned that the soaring euro could stifle a fledging economic recovery in Europe by making exports too expensive against American competition.
French Prime Minister Jean-Pierre Raffarin last week said the best level for the euro would be "around parity" with the U.S. dollar.
After weeks of playing down the impact of the stronger euro, EU officials acknowledged growing concern.
"The language being used for the EU position ... has changed already since the beginning of the year, giving more emphasis to the dangers linked to volatility," EU spokesman Gerassimos Thomas told reporters ahead of the meeting.
However diplomats said it was unclear whether the 12 euro-zone finance ministers meeting Monday evening would issue a joint statement on the exchange rate. Austrian Finance Minister Karl-Heinz Grasser said he did not expect them to intervene.
On Tuesday, ministers from non-euro EU nations, Britain, Sweden and Denmark, join the talks. Among the issues will be a look at lessons to be drawn from the meltdown at Italian food giant Parmalat.
Šaltinis:
abcnews.go.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is making a €4 million equity investment in Geofoto, a Croatian geodetic company offering mapping, geodetic survey, photogrammetry, geoinformatics and aerial survey services, to support its drive to expand operations on international level.
more »
Nordea came out of 2009 in an even stronger position, despite one of the most challenging years for decades. Risk-adjusted profit increased 22% and our capital position and cost of funding are among the best in Europe.
more »
MEPs gave the green light on Thursday for EU funding to help Europe's unemployed start up small businesses.
more »
MEPs are deeply concerned about the long-standing and growing presence of al-Qaeda, and the deteriorating security, social and economic problems in Yemen, which they think could destabilise neighbouring countries.
more »
At the start of a new decade, Sub Saharan Africa is reeling from the effects of three major global crises – food, fuel and financial – that have reversed many of the economic achievements of the last 10 years and left some growth projections at levels below those of 30 years ago.
more »
The 5th High-level Seminar of Central Banks in the East Asia-Pacific Region and the Euro Area was jointly organised by the European Central Bank and the Reserve Bank of Australia, in cooperation with the Hong Kong Monetary Authority.
more »
The EBRD and European Fund for Southeast Europe are boosting the availability of financing to private businesses in Moldova with a $10 million loan to ProCredit Bank in Moldova for on-lending to micro and small enterprises.
more »
The EBRD is supporting the development of the retail infrastructure in Croatia with a €68 million loan to finance the construction of a modern shopping centre in Split, the second largest city in Croatia.
more »
The European Bank for Reconstruction and Development has agreed to sell its 15 percent stake in OAO Swedbank Russia to its parent and major stakeholder, Sweden’s Swedbank AB, a move which would give it full ownership of its Russian subsidiary.
more »
The Ministers of Industry took the first steps in San Sebastián today to make the electric vehicle a reality in Europe and agreed that European institutions, with the EC at the head, should lead a common strategy on electric vehicles.
more »