Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

French PM touts reforms as Merkel wishes success  Join our daily free Newsletter

MENAFN - AFP - 15/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) France's prime minister sought to calm fears Thursday about his country's economy on a trip to Germany, as Chancellor Angela Merkel stressed the importance of a strong France for the good of Europe.

The visit by Jean-Marc Ayrault, a fluent German speaker making his first official visit to France's neighbour since taking office in May, came amid tension over economic policy between Europe's power couple.

Addressing business leaders earlier, Ayrault said the return of growth and battling unemployment were his government's "only compass" and vowed to press on with reducing the public deficit.

"From 2012 the deficit will be reduced to 4.5 percent of GDP, whereas if nothing had been decided from this summer it would have reached 5.0 percent," he said.

"This work must be continued and we will respect the aim of 3.0 percent in 2013," he said.

EU rules stipulate that member states must keep their budget deficits within three percent of output.

The government has unveiled measures designed to make the economy more competitive, including tax breaks for businesses worth up to 20 billion euros (25.5 billion) a year.

"We want a strong France, as France would like also a strong Germany, so that we become an overall strong Europe," Merkel told a joint press conference with Ayrault who kicked off speaking in German.

"And everyone is working on that, and that is important, that is good, and I truly wish great success for what is now getting underway in France," she said.

Ayrault told French rolling news channel i-Tele from Berlin Merkel was confident that France's economy was recovering.

"The German chancellor is convinced (...) that the French government is working to restructure our economy to turn France into a strong France," he said.

"As she said Europe needs a strong France," he added.

Hours before the visit, growth data from Europe's two top economies underscored the urgency of restoring effective leadership out of the financial crisis that has buffeted the eurozone for three years.

While third-quarter growth in Germany slowed to 0.2 percent, figures from France showed its economy shrank by 0.1 percent in the second quarter but rebounded for growth of 0.2 percent in the third.

Meanwhile another positive glimmer for the French economy saw France borrowing funds for two and five years at record low interest rates Thursday, suggesting investor confidence.

Under former French leader Nicolas Sarkozy, the Franco-German duo spearheaded much of Europe's response to the debt crisis, outlining plans before every EU summit and often holding joint news conferences in Brussels.

However, since the election of new Socialist President Francois Hollande, ties between the two have noticeably cooled.

The pair have also differed on the best solution to the eurozone debt crisis, with Hollande pushing for measures to bolster growth in the bloc while Merkel wants debts to be tackled first before stimulating the economy.

The latest spat has revolved around media reports that Finance Minister Wolfgang Schaeuble had ordered Germany's so-called "Five Wise Men" of independent economic advisors to draw up reform proposals for France.

The panel and the German government quickly denied they had any such plans.

Standing next to Merkel, Ayrault told reporters that no single model of economic success existed but expressed admiration for Germany's "quality of social dialogue".

"There's no model -- there are good practices, those which work here, those which work there," he said when asked if steps taken by France to boost competitiveness were inspired by German labour market reforms.

"One aspect that inspires me is the quality of social dialogue in Germany," he added.

"What's very important is that each of us takes the trouble to understand the other," he said.

A close Merkel ally, Volker Kauder, recently expressed doubt that Paris was really committed to the economic reforms required to unlock growth.

And Britain's Economist magazine meanwhile carried a 16-page cover story in its edition to be published Friday on how France was "the time bomb at the heart" of the eurozone debt crisis.

Germany's mass circulation Bild recently questioned: "Is France the new Greece?"

In this regard Ayrault told France i-Tele he was positive that the German government had no role in the "press rumours" that alleged Berlin was alarmed about economic developments in France.

"France must not overrate what is written by some newspapers, and not by the entire German press," he said.

"This visit is important to remove all ambiguity, but there isn't any ambiguity," Ayrault said here earlier. "There have recently been some articles in the German press but they do not correspond to political reality."


 






  MENA News Headlines
Apr 15 2014VistaJet Bombardier Claims Landmark Julius Baer Beach Polo Title ,MENAFN Press
(MENAFN Press) The Julius Baer Beach Polo Cup Dubai 2014 presented by Cadillac was claimed yesterday by an 8-4 VistaJet Bombardier victory over the title sponsors, following two days of furious polo ...

Apr 15 2014Doha Bank named Best Retail Bank in Qatar by the Asian Banker ,MENAFN Press
(MENAFN Press) Doha Bank, the leading private commercial bank in Qatar, was named the Best Retail Bank in Qatar at The International Excellence in Retail Financial Services Awards Ceremony held this ...

Apr 15 2014Omnix International successfully hosts Autodesk event for local CAD, BIM and IT managers ,MENAFN Press
(MENAFN Press) Omnix International, the MENA region's leading provider of computer aided engineering solutions, successfully hosted an Autodesk event targeting local CAD, BIM and IT managers at the ...

Apr 15 2014Lord Mayor of London meets with the BIBF ,MENAFN Press
(MENAFN Press) The Lord Mayor of London, Right Honorouble Alderman Fiona Woolf visited the BIBF recently to meet with Senior Management and discuss opportunities for improved support from UK-based ...

Apr 15 2014Excellent survival rates for paediatric lymphoma has motivated research efforts in the Middle East ,MENAFN Press
(MENAFN Press) According to the American Cancer Society, Non-Hodgkin lymphoma (NHL) accounts for about 6% of all childhood cancers. Hodgkin disease accounts for about another 4 % . Although adult ...

Apr 15 2014Gulf Finance House hold ordinary and extraordinary general meetings ,MENAFN Press
(MENAFN Press) Gulf Finance House (GFH), the Bahrain based Islamic investment bank, today concluded the Ordinary and Extraordinary General Meetings of the Bank for the twelve-months ended 31 ...

Apr 15 2014Etisalat Honours 39 Sales Partners at 2nd Annual Conference ,MENAFN Press
(MENAFN Press) Etisalat, the UAE's leading telecom provider, celebrated the achievements of 39 of its channel partners at the 2nd annual sales partners conference. The event was attended by ...

Apr 15 2014Ericsson cloud Transformation, a key enabler of the networked society ,MENAFN Press
(MENAFN Press) As a part of its participation at Cloud World Forum MENA 2014, Ericsson discussed the opportunities enabled by the Cloud in light with the significant transformation of the Information ...

Apr 15 2014ENOC Retail offers over 60 lucky customers at ZOOM stores on Dubai Metro network free travel for a year ,MENAFN Press
(MENAFN Press) Lucky customers of ZOOM convenience stores operated by ENOC Retail on the Dubai Metro network now stand to win a daily prize of free commuting on the world's largest driverless metro ...

Apr 15 2014du celebrates more than two successful years of Emirati Plan - the mobile package exclusively for UAE nationals ,MENAFN Press
(MENAFN Press) 2014 is the year when Emirati Plan – du's exclusive plan for UAE nationals will enter its third year, and yet it stands head and shoulders above any other comparable plan in the ...

Apr 15 2014Kuwaiti plan to award USD4.3b oil project ,MENAFN
(MENAFN) The head of state-owned Kuwait Oil Company (KOC) said that his country plans to sign a USD4.2 billion contract for the first phase of a heavy oil production project, Arabian Business ...

Apr 15 2014Sharjah rents up 7% in Q1 as Dubai residents relocate ,MENAFN Press
(MENAFN Press) Sharjah is benefiting from ongoing rental rate rises in Dubai as residents look to relocate to more affordable accommodation according to a Q1 2014 Northern Emirates report from ...

Apr 15 201416th Water, Energy, Technology, and Environment Exhibition (WETEX) 2014 opened ,MENAFN Press
(MENAFN Press) The 16th Water, Energy, Technology, and Environment Exhibition (WETEX 2014), was inaugurated today by HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of ...

Apr 15 2014The Address Hotels + Resorts win multiple accolades at 2014 World Luxury Spa Awards ,MENAFN Press
(MENAFN Press) The Address Hotels + Resorts, the five-star premium brand of Emaar Hospitality Group, has underlined its credentials in the recreation and leisure sector, winning four top laurels at ...

Apr 15 2014Dubai to start testing USD1 b Tram project ,MENAFN
(MENAFN) Dubai's Roads and Transport Authority (RTA) will soon start the second phase of testing Dubai Tram project, which worth USD1 billion, according to Arabian Business. Testing in the second ...

Apr 15 2014KUWAIT DECLARATION CALLS FOR BOLSTERING ARAB TIES ,Arab Times
(MENAFN - Arab Times)  kuwait city march 26 (agencies): arab leaders called wednesday for a political solution to the conflict in syria overlooking saudi-backed demands for greater military ...

Apr 15 2014Kuwait- Amir thanks ministers and senior officials for 'constructive' summit ,Arab Times
(MENAFN - Arab Times) Kuwait city march 27 (agencies): his highness the amir sheikh sabah al-ahmad al-jaber al-sabah sent letters of appreciations to senior officials and ministers for their ...

Apr 15 2014Reactions positive to Arab Summit hosted by Kuwait ,Arab Times
(MENAFN - Arab Times) Capitals march 28 (kuna): several arab governments are pleased with the outcomes of the wednesday-concluded two-day arab summit held in kuwait with some non-arab observers ...

Apr 15 2014Kuwait urges world to safeguard human rights ,Arab Times
(MENAFN - Arab Times) Geneva march 28 (kuna): kuwait called on friday on the international community take responsibility in safeguarding human rights urging all countries to follow the vienna ...

Apr 15 2014Kuwait pays heed to intellectual property protection ,Arab Times
(MENAFN - Arab Times) Kuwait march 30 (kuna): kuwait attaches much attention to intellectual property protection due to its significance to the economic development process said a senior commerce ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help