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Pagina principale arrow newsitems arrow Mnuchin US Interest Rate move Natural, says French Finance Minister Sapin to EF, at G20

Mnuchin US Interest Rate move Natural, says French Finance Minister Sapin to EF, at G20

Scritto da ACM
venerdì, 17 marzo 2017
french_finance_minister_sapin_replies_to_eurofora_question_g20__baden_baden_germany_400


*Baden-Baden/G20/Angelo Marcopolo/- French Minister of Finance, Michel Sapin, speaking to "Eurofora" during a G20 Finance Summit, backed US Interest rates latest move :

 

- USA Authorities recent decision to Rise Interest Rates "corresponds to the situation inside America", said the French Finance Minister, Michel Sapin, in Reply to relevant "Eurofora" Question.


 - As a matter of General Principle, "Central Banks' Decisions are Taken in relation with the situation of a Country, and of the Monetary Mass that they have to manage", he added.


 - Thus, given also the Fact that, inter alia, US has Now more "Growth", that Latest Move looks Justified, and does Not have any notable International Economy after-thought, Sapin said, apparently accrediting recent News about a so-called "Trump Boom" towards Higher Employment and Growth in North America.


+ But it's also the Recent ECB's Decisions which were also justified, went on to say the French Minister, apparently pointing at Nearby Frankfurt's Discussions about €uro's Higher price and Interest Rates' policies that might be considered by ECB's Chief, Mario Dragi (also Present here at Baden-Baden, and very Busy-looking).


---------------


++ At another Global interest development, Sapin also Downplayed previous concerns about an eventual China - US clash on Trade and/or Monetary issues :  - "No", at least currently, "there is Not much about it, and it doesn't seem to be a real problem, he dismissed, in furher remarks to "Eurofora".


The French Minister was speaking on the sidelines of the G20 Meeting of Ministers of Finance which has just Started at Baden Baden in Germany, hosted by his collegue, Wolfgang Schauble, and extends Tomorrow, Saturday.


Earlier Today, Sapin had kick-Started his Bilateral meetings, at a nearby Hotel, with his New US counterpart, Steven Mnuhin, who had also met earlier with Schauble.


However, the current US Federal Reserve's Governors' Chair, Mrs Janet Yellen, (still in office at this G20 Finance meeting also of Central Banks' Governors), had been already apointed during the previous, Obama Administration, (2011 + 2014), for a mandate ending on Januay 2018.


Mnuchin's Family is said to stem from Russia, settling to the US since the very Beginning of the 20th Century, with his Grand-Father reportedly havin lived also in Belgium, long before Brussels becomes the nowadays Headquarters of EU Commission and Council, as well as NATO.

 

-------------------


Meanwhile, OECD's latest "Economic Policy Reforms" update, Focusing on "Going for Growth 2017", presented here, Earlier Today, by its Head, Angel Guria, (Comp. numerous Guria Statements to "Eurofora" on various Topical Issues, during many years, f.ex. at..., etc), together with Wolfgang Schauble, point at a Need for the US to Invest in "Public Infrastructures", almost as New US President Don Trump has notoriously promised during his succesful Electoral Campaign.


By intelligently Designing also Better Transport Facilities, such a move may even contribute to an Amelioration of Natural Environment, OECD's latest Report says.


As for the EU, OECD's latest recomendations focus also on a much-needed Amelioration of European Networks, (including in Energy, Transport links, and various other Sectors), almost as also EU Commisioner previousl for Energy, afterwards for Digital Economy, and curently on Budgets, Gunther Oettering, (also from nearby "Black Forest" area, as Schauble : Both ChristianDemocrats with Chancelor Angie Merkel), had already urged Earlier.

 

(../..)

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 sarko_merkel_mieux

The official presentation of a "Program" respecting People's choices voted in the June 7, 2009 EU Elections, to be debated in EU Council and EU Parliament during its 1st Session on July in Strasbourg, is the No 1 Priority, according to Democratic principles, for the Franco-German axis, said the main winners at the ballot box, French President Nicolas Sarkozy and German Chancellor Angie Merkel.

They stressed  that the New EU Commission's President must have a "Program" in favor of an EU which "protects" its Citizens, regulates financial markets and aims at a "Political" Europe" : a wording they have used as incompatible with Turkey's controversial EU bid.

They also declared ready for a "political" endorsment of "Mr. Barroso's candidacy" in June's EU Council, considering that an official decision would have to be made after EU Parliament's debates and votes, possibly from next month (July), with the legally necessary final acceptance shortly after Lisbon Treaty's entry into force, hoped for September or October.


- "A Program, and Mr. Barroso" : This resumes, in substance, the anouncements made by Sarkozy and Merkel, on the question of current EU Commission's President, Barroso's declared wish to succeed to himself for a second mandate, to be extended during the following 5 years.

 In their 1st meeting after EU Elections, they observed that "the Franco-German axis counted in European Elections' campaign... But, we both keep a realistic view : We saw the number of those who abstained, and we must absolutely give them an answer. We also see the disilusionment of an important number of Europeans vis a vis Europe, and we are aware of the responsibilities we have".

sarko

 - The "Duty" of the new EU Commission's President, after June 7, 2009 EU Elections' result, "is to act for a Europe which protects the Europeans, to commit himself into working for a better Regulation of Financial transactions, ... and to have a Political will for Europe", underlined Sarkozy.

Therefore, "we have asked M. Barroso... to clarify, to officialy present the intentions he has", he anounced.

- "We want to speak also about the Programme", explained Merkel.

- "It's important that for the next EU Parliament's mandate (2009-2014) we take the right Decisions for Europe.  Obviously on Persons, but mainly Decisions on Issues", she stressed.

- "It's not simply a question of a Person, it's also a question of a Programme". We are "really asking Mr. Barroso to commit himself on a Program, and on Principles, on Values", Sarkozy added.

EU President-in-office, Czech Prime Minister Jan Fischer, accepted the Franco-German stance :

- "Barroso must present his Programme. The Czech Presidency agrees with that", Fischer reportedly said later, after meeting Sarkozy.

But Press reports from Brussels claimed that Barroso had preferred to be officially appointed by EU Council since June, (i.e. next week), "because this was implied by the current Treaty of Nice, according to him", and considered any delay until the possible ratification of the new, Lisbon Treaty on September/October, as "undemocratic".

- "At any case, independently of what Germany and France ask, it's also EU Parliament's wish". "We shall propose Mr Barroso's candidacy... But even in the framework of Nice Treaty, EU Parliament has to be associated in this Decision", the French President observed.

If this is correctly done, then "we support Mr. Barroso's candidature", and "if the (EU) Parliament agrees, we might ratify this decision since July", (i.e. next month), they both said.

smerkem_400

- "France and Germany support Baroso's candidacy, But we want to speak also on the Program. We believe that this Program should be established in close cooperation with EU Parliament, and that's why we have followed an appropriate way", said Merkel.  - If EU Parliament wants, this election can take place on July,  but this must be done in full agreement.

- "We shall support Mr. Barroso's candidacy, without doubt", said Sarkozy. "But we have asked from Mr. Barroso, as I told him yesterday, to put into detail.. his intentions, at the eve of his 2nd mandate, if the situation avails itself.


    France and Germany "don't want to take an Official Legal Decision by writting" during "the next (EU) Council" (on June 18-19), declared Sarkozy.  Because they prefer, at this stage, only "a Political decision" on June, "so that we (EU Council) can work together with EU Parliament", which starts to meet only Next Month, since July in Srasbourg, "leaving a Legal decision by writting for later".

    - "If the Conditions are fuillfiled in EU Parliament, we (EU Council) are ready to give the agreement and make it offficial", said Merkel

    - "But, now we are working in the base of Nice Treaty. If tommorow we want to work in the spirit of Lisbon Treaty, we have to find a proper way", she added.

    - "Of course it's Legally complicated, because we are going to make a Political proposal to the forthcoming Council, for an EU Commission's President, on the basis of Nice Treaty : So, we (EU Council) will not appoint the Commissioners. Only the President.  If EU Parliament agrees, it could endorse this position on July", explained Sarkozy.

    But, on Autumn, "if Ireland ratifies Lisbon Treaty, there will be, at any case, a 2nd Decision, to appoint the Commission's President, this time on the basis of Lisbon treaty, and then, we, the EU Member States, would have to appoint (also) the EU Commissioners", he added.

    As for the precise Timing :  - "Everything is suspended until the Irish vote... Now, we must all make everything possible to help Ireland to say "Yes"" to Lisbon Treaty... The Irish Referendum, ..will take place either on September or on October. It's a Question which depends on the Irish. And,  then, we shall have the Choice of the Candidates for the permanent Institutions of Europe".

    However, "if Ireland says No, we, French and Germans, have to assume our responsibilities, and we'll do so", he concluded.

    But British and Swedish governments were reportedly eager to have a final EU Council decision on Barroso since this month, on June's European Council. While the other EU Member Countries are divided, several of them preferring to wait until EU Parliament pronounces itself, on July, and/or until Lisbon Treaty might be ratified by Ireland at the beginning of the Autumn. Barroso's current mandate ends on November.

    There are also various, contradictory and/or unpredictable reactions inside EU Parliament vis a vis Barroso's wish to continue a 2nd mandate, because many MEPs are openly or secretly opposed, reluctant, or hesitating.

    In the biggest EU Countries, as France and Germany, EU Citizens voted on June 2009 EU Elections for a renovated, non-technocratic but Political Europe which cares for its Citizens, with an Identity, Values and Borders, declared incompatible with Turkey's controversial EU bid, by mainstream, pro-European Governing Parties. Similar choices were also supported in several other small or medium EU Countries.

    On the contrary, whenever, in other Countries, Governing and other mainstream Parties didn't make these choices or eluded them, EU Citizens massively voted for euro-Sceptics whenever they were the only ones to to promise anti-bureacratic change and oppose Turkey's demand to enter into the EU, (f.ex. in the UK, Netherlands, etc).

    It's seems to be an Open Question whether Sarkozy and Merkel's conditions will be really accepted by Barroso, who was appointed on 2004 in a different political context, (with Socialist Prime Ministers in Germany, France, etc), had rejected in the Past the idea of EU becoming "equal to the USA" as "ridiculous", and pushed for Turkey's contoversial EU bid, trying to "soften" or contain the changes desired by the People who voted for Merkel and Sarkozy with another policy vis a vis Turkey on 2005 in Germany and on 2007 in France, as they did all over Europe on 2009.

    In addition to many EPP Governments, it's 3 remaining Socialist Prime Ministers : Gordon Brown in the UK, Zapatero in Spain, and Socrates in Prortugal, who support Barroso, as well as Liberal Swedish Prime Minister Reinfeldt. But their Parties lost the June 2009 EU Elections.

    Questioned whether there was still "Time" for "other" possible "Candidates", Sarkozy and Merkel did not deny, nor made any comment on that, but simply said that "it's not for us to make publicity for any candidates. We anounced our choice ("A Program, and Mr. Barroso"). But we respect any other candidate".

    Among various other names cited are former Belgian Prime Minister Verhofstadt, former UNO's Human Rights Commissioner Mary Robinson of Ireland, Italian former EU Commission's vice-President Monti, etc. Meanwhile, Luxembourg's PM Juncker, (who had been unanimously accepted by EU Council for EU Commission's Presidency on 2004, but refused), announced his intention to resign from "EuroGroup"'s Chair. Thus, he might be available for another Top EU job.

    As "EuroFora"'s "opinion" said (See publication dated 9/6/09) : - "If the current candidates (i.e. Barroso, etc) to the Top EU jobs promise and guarantee to respect People's democratic choices, then, it's OK".

"Otherwise, Europe must find new candidates, really motivated and able to implement these democratic choices of the People."

    Because, "in Democracy, the forthcoming choices for EU's Top Jobs,...should be made according to EU Citizens' Votes in June 7, 2009 European Elections, and main EU Governments' strategic policies".
        

***

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