BRUSSELS (Reuters) – Euro zone finance ministers told France and Italy on Monday to take quick steps to rein in their deficits in line with EU rules, threatening disciplinary action but also indicating some wiggle room might be given.
The ministers met to discuss draft 2015 budgets of euro zone countries, with Paris and Rome in focus because the drafts for both are at risk of breaking European Union rules. France is also facing criticism for badly missing its 2014 targets.
PARIS (Reuters) – France’s unemployment rate jumped back in the third quarter to its 2013 peak, compounding the woes of the unpopular government struggling to pull the euro zone’s second-largest economy out of stagnation.
Socialist President Francois Hollande, whose popularity has been dragged down to record lows by unemployment and earlier rounds of tax increases, said he would not run for re-election in 2017 if he failed to cut the number of jobless by then.
PARIS (Reuters) – The ECB’s monthly rate meeting will focus minds this week on the debate over quantitative easing in the euro zone, as a series of data releases on both sides of the Atlantic sheds more light on European woes and U.S. strength.
Final purchasing manager indices for Europe and the United States, U.S. monthly jobs data and the European Central Bank’s updated forecasts will all provide clues to assessing the relative health of both regions.
PARIS (Reuters) – Warning that Europe risks a “stagnation trap”, leading French and German economists proposed reforms and investments to revive growth in the euro zone’s two biggest economies, but Berlin swiftly dismissed a key proposal to boost its public investment.
Henrik Enderlein, of Germany’s Hertie School of Governance, and Jean Pisani-Ferry, head of the France Strategie government think-tank, offered an implicit trade-off between shaking up the rigid French labor market and regulated professions, and a public investment boost in creaking German infrastructure.
PARIS (Reuters) – The global economy will gradually improve over the next two years but Japan will grow less than previously expected while the euro zone struggles with stagnation and an increased deflation risk, the OECD said on Tuesday.
There will be marked divergences among countries both in terms of growth and monetary policy, leading to volatility in debt and foreign exchange markets, the Organisation for Economic Co-operation and Development said.
BERLIN/PARIS (Reuters) – Germany narrowly avoided recession in the third quarter of the year and France exceeded low expectations, putting the euro zone on course for anaemic growth but no contraction.
Europe’s largest economy eked out 0.1 percent growth from the previous three months, the German statistics office said on Friday, following a revised 0.1 percent fall in the second quarter.
PARIS (Reuters) – President Francois Hollande has angered everyone from medics to taxi drivers enough to drive them onto the streets in recent months but there is one profession few expected to see on the march: France’s well-heeled “notaires”.
Roughly the equivalent of Britain’s solicitors or U.S. notaries public, notaires typically take home a net 13,000 euros ($17,000) a month and are better known for their gilded offices and iron-clad professional status than for demonstrations.
PARIS, Sept 15 (Reuters) – Bank of China was
appointed on Monday as a yuan clearing service in Paris and two
French groups were awarded licences enabling them to invest in
China’s mainland securities, in moves to expand yuan markets.
Competition is fierce among Europe’s major financial centres
to trade in China’s currency, the yuan, officially known as the
renminbi (RMB), with Paris battling the likes of Frankfurt and
London to capitalise on China’s growing financial clout.
JOUY-EN-JOSAS, France, Aug 27 (Reuters) – French Prime
Minister Manuel Valls launched a charm offensive on the
corporate world on Wednesday, promising to speed reforms aimed
at freeing up the economy and to make tens of billions of euros
in tax cuts.
Valls declared that he “loves business” in what was the most
pro-entrepreneur speech yet from the Socialist government of
President Francois Hollande – who in his election campaign
described finance as his enemy. The head of France’s employers’
group said the comments could mark a new era.
PARIS (Reuters) – The European Commission said France’s new government must urgently speed up its reform plan, aimed at helping the economy by cutting business taxes at the same time as trimming public spending to bring the deficit to within EU limits.
The call showed that the EU was keeping up the pressure on President Francois Hollande after a government crisis this week provoked by three ministers who challenged his increasingly pro-business line and rejected budgetary rigor.