France24 - French PM calls for 'rapid' consideration of an IMF for the eurozone
AFP - The idea of a European-style International Monetary Fund to help debt-stricken eurozone members should be examined "rapidly," French Prime Minister Francois Fillon said on Wednesday. "We think this is an idea that should be looked at by experts rapidly in order to create the means with which the eurozone and its members can have at their disposal to respond to financial tensions that threaten monetary stability," Fillon said in a speech at Berlin's Humboldt University. "But this form of support is only acceptable if the states confronted by financial difficulties make in parallel all necessary efforts to fix their structural problems and balance their books."
"We think this is an idea that should be looked at by experts rapidly in order to create the means with which the eurozone and its members can have at their disposal to respond to financial tensions that threaten monetary stability," Fillon said in a speech at Berlin's Humboldt University.
"But this form of support is only acceptable if the states confronted by financial difficulties make in parallel all necessary efforts to fix their structural problems and balance their books."
So what was that all about?... was the FT wishful thinking again? *Lunatic*, n. One whose delusions are out of fashion.
See also this.
The narrative in the UK press is not about contradictory signals, but a uniformly negative reception outside Germany and especially France. *Lunatic*, n. One whose delusions are out of fashion.
Fillon has now given a more positive appreciation. We'll see what the UK press makes of it.
American officials are annoyed and deeply skeptical - not thinking that this will amount to anything. But the future has finally arrived - or perhaps its arrival has just been announced - in the form of the European Monetary Fund. Such an institution would represent a major reshaping of global financial architecture, undermining the traditional basis of power for the United States - which would prefer to keep the International Monetary Fund (IMF) paramount. This is a good thing for the world, but also for the IMF and - believe it or not - for the US....Will the EMF include only euro countries or cover the whole European Union? This probably depends on how involved France and Germany would like to be with Britain's problems. My guess is that they'll stay away, at least initially - so the "euro members only" sign will go up.
Such an institution would represent a major reshaping of global financial architecture, undermining the traditional basis of power for the United States - which would prefer to keep the International Monetary Fund (IMF) paramount. This is a good thing for the world, but also for the IMF and - believe it or not - for the US....Will the EMF include only euro countries or cover the whole European Union? This probably depends on how involved France and Germany would like to be with Britain's problems. My guess is that they'll stay away, at least initially - so the "euro members only" sign will go up.
