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 World Bank is seeing a surge in demand from borrowers seeking the Bank’s expertise to mitigate currency and interest rate risk.
more »
The European Commission has approved under EU state aid rules a Lithuanian package intended to stabilise the markets as a response to the global financial crisis.
more »
Total cereal production in 2010 should be close to the average from the last five years. While the yield per hectare will be 5% above average, overall cultivated areas have decreased.
more »
According to the unaudited data, AB Bank SNORAS profit prior to provisions and tax exemption within the first half of this year comprised LTL 51 million, the bank formed almost LTL 48 million provisions.
more »
The European Commission today approved two applications from Denmark for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Investment Bank today signed two loans for a total amount of EUR 150 million in support of small and medium-sized enterprises (SMEs) in Turkey.
more »
On 23 July 2010 the Board of the Bank of Lithuania permitted Bank SNORAS to register a change to the articles of association related to the increase of the authorized capital of the bank by LTL 82.3 million up to LTL 494,217,107.
more »
Heads of State and top officials from the Central American Integration System and World Bank Group President, Robert B. Zoellick, agreed to join efforts towards regional cooperation and integration and adopted a comprehensive agenda that includes an action plan with more than 20 specific measures.
more »
The Executive Board of the International Monetary Fund (IMF) today approved the full cancellation of Haiti’s outstanding liabilities to the Fund, of about SDR 178 million (equivalent to US$268 million).
more »
The Executive Board of the International Monetary Fund (IMF) today completed the third review of Latvia's performance under an economic program supported by a Stand-By Arrangement (SBA).
more »