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Home 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

Pisac ACM
17. 03. 2017.
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*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).


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++ 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.

 

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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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Fillon invites EU to invent "New Horizons" behind Oil crisis

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geothermal_plant_400_01Soultz-under-Forests, June 13, 2008

A pioneer Franco-German research project on GeoThermy, near Strasbourg, served as "Symbol" of EU's will to become Independent on Energy by developing innovative Technologies, while imported Oil prices threaten to provoke a World-wide crisis.

It's essential to demonstrate Europe's will to "invent New Horizons", by creating Environment-friendly, Independent and Renewable Energy sources, while price rises continue for Oil, a polluting old ressource with insufficient stocks, stressed French Prime Minister Francois Fillon, anouncing that this will be a focus during the forthcoming French EU Presidency (July - December 2008).

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Fillon symbolically injected a 1st KWh produced by GeoThermy into Strasbourg's Electricity grid, during a special gathering of German and French officials at Soultz-under-Forests ("Soultz-sous-Forêts"), using a geothermal innovation which is "the most advanced in the World" :

The innovation uses Strasbourg's underground water richness to capture Heat, by injecting liquid among Rocks 5 km deep, where temperature is 200 c. Thus, it can be activated at any moment and location, even without natural warm water springs : A big advantage compared to old biothermal tools.

Engineers, Scientists and the Industry will have 2 Years to invent practical ways for this innovation to become productive and cost-efficient in real Economy, said Fillon.

115 Millions of Euros invested, 15 Research Labos, 430 Scientific Publications including 34 Doctoral PhD, and a systematic cooperation between French and German Governments and Public Agencies on Research, succeeded to prove that the new method works.

Already able to serve Electricity to a village with 1.500 inhabitants, the pioneer project intends to reach a capacity to serve 20.000 inhabitants before 2015, as part of a larger Plan to make all Renewable Energy Resources (together with Wind, Solar, etc) able to cover more than 23% of all Electricity needs before 2020.

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- In fact, "behind the challenge" faced with the current Oil crisis, there "is a New Horizon that we can shape all together", by "creating New Tools for the Future", Fillon launched towards EU Member States.

Meanwhile, we should intensify Energy Savings, simplify Transports, and help the Poorest cope with growing Oil prices, until EU joins a World-wide lead into inventing reliable and sufficient Renewable Energy Sources, he added.

Many, technologic and other Challenges exist, but they can be overcome : F. ex. the new GeoThermic method tested at Shoultz since 1987, had provoked an Earthquake at a nearby site, close to Bale, by injecting big volumes of pressurized Water in underground broken Rocks near a Seismic Faultline in 2003. But the move was rectified later-on, by diminishing the amount and pressure of the water injected in underground rocks, so that no Earthquake is provoked.

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geothermy_map heat_data

More than 1 Billion Euros are invested by France on Scientific and Technologic Research about Sustainable Development until 2012, aiming to take a 10 years advance, there where innovation can become source of Growth, Competitivity and Jobs, which, according to some evaluations could reach more than 220.000 before 2020, Fillon observed.

During the forthcoming French EU Presidency, together with our German friends, we shall do all necessary efforts for Europe's World-wide lead against Global Warming, thanks to Energy tools able to ensure its Independence, Growth, and Citizens' well-being, he concluded.

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The "Enhanced Geothermal System" (EGS) stems from pioneer research initiated by teams from France, Germany and Italy, joined also by Swiss, the U.K., and Sweden, even U.S. and Japan, since the 90ies.

In 1996, a European Economic Interest Group (GEIE) was founded, in order to exploit Electricity-produsing Heat from deep underground Rocks, including France's EDF and Germany's PfalzWerke.

In 2002, a Pilot scientific project started to be tested in Soultz-under-Forests, 50 kms north of Strasbourg.

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