PARIS (Reuters) – France needs to deliver promised budget cuts if it wants to avoid a further credit rating downgrade, Standard & Poor’s lead analyst for France told Reuters on Monday.
S&P, which stripped France of its coveted AAA rating in January 2012, could confirm the current AA+ rating if the public debt ratio looked set to stabilize, but analyst Marko Mrsnik says it remains to be seen if France can achieve that in 2015.
PARIS (Reuters) – Bundesbank chief Jens Weidmann said on Thursday it was not up to the European Central Bank to solve the euro zone crisis, resisting pressure from other ECB policymakers for the bank to widen its range of policy tools.
Speaking in Paris, Weidmann declined to comment on U.S. Federal Reserve chairman Ben Bernanke’s remarks that the U.S. central bank may start to trim its bond purchases at one of its next policy meetings.
ORLEANS, France (Reuters) – The European Central Bank will keep its loose and growth-supportive monetary policy stance in place for “quite a long time”, ECB executive board members said on Friday.
With the euro zone economy stuck in recession, the ECB cut its main refinancing rate to a record low of 0.5 percent and extended its provision of unlimited funds to banks by a year at its May policy meeting,
PARIS (Reuters) – French President Francois Hollande called on Thursday for an economic government for the euro zone with its own budget, the right to borrow, a harmonized tax system and a full-time president.
At a 150-minute news conference marking his first year in office, a day after economic data showed France had slipped into recession, the Socialist leader defended his record on economic reform and budget discipline and told the French people they would have to work “a bit longer” for a full pension in future.
PARIS (Reuters) – European Commission President Jose Manuel Barroso said on Wednesday France needed to present a credible program of structural economic reforms if the EU is to grant it two more years to bring its budget deficit down as promised.
Barroso, who was due to meet French President Francois Hollande in Brussels later in the day, was speaking as new data showed Europe’s second largest economy slipped into a shallow recession.
BERLIN/PARIS, May 15 (Reuters) – Germany’s economy crept
back into growth in the first quarter of the year, after a sharp
contraction at the end of 2012, while France slipped into
recession, data showed on Wednesday.
Germany grew by just 0.1 percent on the quarter, weaker than
expected as a harsh winter prevented a stronger rebound.
BRUSSELS (Reuters) – The European Central Bank clashed with Germany on Tuesday over how quickly the euro zone should complete a system to deal with failing banks.
A separate rift also emerged at a European Union finance ministers meeting over whether or when big depositors should suffer losses, as they did in Cyprus’s bailout.
BRUSSELS/MADRID May 13 (Reuters) – Spain and Portugal called
on Monday for the euro zone to complete a banking union as
Germany underscored legal hurdles before a central element of
the plan to deal with failing banks can be introduced.
“It is indispensable that we stick to the agreed calendar on
banking union and that we take steps to make sure families and
small companies receive credit,” Spanish Prime Minister Mariano
Rajoy told reporters.
PARIS, April 30 (Reuters) – French consumers bought fewer
cars, tables and chairs, and clothes in the first part of the
year, challenging the government’s pledge to steer the euro
zone’s second largest economy away from recession.
Consumer spending accounts for more than half of France’s
output and is the motor of the economy. It fell last year for
the first time in 19 years.
PARIS, April 30 (Reuters) – French consumer spending
rebounded in March, largely thanks to increased household
heating to combat unusually cold weather, but it was not enough
to stop a quarter-on-quarter decline.
Consumption, which accounts for over half of France’s
output, is the motor of the French economy but high
unemployment is making households cautious about spending.