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Jun 13, 2012

France backs stronger ECB role in bank surveillance

PARIS (Reuters) – France wants the European Central Bank to have a stronger role in overseeing banks in the single currency bloc as part of a package of urgent reforms to increase financial stability in Europe, sources said on Wednesday.

Joint supervision of banks is one of the key issues to be discussed at a European Union leaders summit in late June that will focus on deepening financial and fiscal integration to bring the raging euro zone crisis under control.

Jun 13, 2012

France eyeing aid for car sector- industry minister

PARIS, June 13 (Reuters) – France’s Socialist government is
studying the possibility of providing further state aid to its
struggling automobile sector as part of a broader push to shield
its declining industries from job losses and a wave of factory
closures.

In a bid to foster a greater sense of morality in the
economy, the government announced the appointment of regional
representatives to address “economic emergencies” and a salary
cap of 450,000 euros ($560,600) for chief executives of
public-controlled firms.

Jun 10, 2012

Left eyes control of parliament as France votes

PARIS (Reuters) – France voted on Sunday in the first round of an election tipped to give the left control of parliament and consolidate President Francois Hollande’s grip on power as he seeks to steer the country through Europe’s debt crisis.

At stake in the vote for the 577-seat National Assembly, the lower house of parliament, is the new Socialist leader’s ability to rule unfettered as he prepares budget adjustments in Europe’s second-biggest economy, including possible spending cuts.

Jun 6, 2012

ESM Spain aid would mean bank supervision- France

PARIS (Reuters) – The use of the euro zone’s future ESM rescue fund to directly recapitalise struggling Spanish banks would mean imposing conditionality in terms of banking supervision, not economic reforms, French Finance Minister Pierre Moscovici said on Wednesday.

Moscovici, who is due to meet his Spanish counterpart Luis de Guindos later on Wednesday, said the euro zone’s existing EFSF bailout fund could also be used if aid were urgently required in the short term, before the ESM takes effect later this year.

Jun 3, 2012

Europe mulls major step towards “fiscal union”

BERLIN/PARIS, June 3 (Reuters) – When Jean-Claude Trichet
called last June for the creation of a European finance ministry
with power over national budgets, the idea seemed fanciful, a
distant dream that would take years or even decades to realise,
if it ever came to be.

One year later, with the euro zone’s debt crisis threatening
to tear the bloc apart, Germany is pushing its partners for
precisely the kind of giant leap forward in fiscal integration
that the now-departed European Central Bank president had in
mind.

May 31, 2012

France refuses to back German for Eurogroup job

PARIS (Reuters) – France’s new Socialist government is refusing to back Germany’s candidate for the influential role of chairman of euro zone finance ministers amid differences with Berlin over joint euro zone bonds and bank recapitalisation.

Senior members of President Francois Hollande’s government have signalled their reluctance to see German Finance Minister Wolfgang Schaeuble, an outspoken advocate of austerity, take charge of the Eurogroup as Paris pushes for a change of policy.

May 31, 2012

French consumer spending surprises with bounce

PARIS, May 31 (Reuters) – French consumer spending rebounded
more strongly than expected in April despite rising
unemployment, as higher energy spending due to unseasonably cold
weather more than compensated for a decline in manufacturing
output.

With France’s jobless rate at a near 13-year high and
rising, analysts say that household spending – the motor of
France’s 2 trillion euro economy – was still likely to cool in
the coming months.

May 18, 2012

Euro zone market turmoil to last 12-24 months – Schaeuble

PARIS (Reuters) – Market turmoil over the euro zone crisis could last another 12 to 24 months, German Finance Minister Wolfgang Schaeuble said on Friday, saying it was up to the Greeks to decide if they wanted to stay in the single currency.

Schaeuble said he was confident France’s new Socialist government would ratify Europe fiscal pact because policymakers were working on a strategy to improve growth, as demanded by French President Francois Hollande.

May 18, 2012

Euro zone market turmoil to last 12-24 months: German finance minister

PARIS (Reuters) – Market turmoil over the euro zone crisis could last another 12 to 24 months, German Finance Minister Wolfgang Schaeuble said on Friday, saying it was up to the Greeks to decide if they wanted to stay in the single currency.

Schaeuble said he was confident France’s new Socialist government would ratify Europe fiscal pact because policymakers were working on a strategy to improve growth, as demanded by French President Francois Hollande.

May 18, 2012

Schaeuble: euro zone market turmoil to last 12-24 months

PARIS, May 18 (Reuters) – Market turmoil over the euro zone
crisis could last another 12 to 24 months, German Finance
Minister Wolfgang Schaeuble said on Friday, saying it was up to
the Greeks to decide if they wanted to stay in the single
currency.

Schaeuble said he was confident France’s new Socialist
government would ratify Europe fiscal pact because policymakers
were working on a strategy to improve growth, as demanded by
French President Francois Hollande.