Interviews
Euro provides price stability & credibility to EU
21 May '07
4 min read
He said that EMU, with a single monetary policy and 13 governments responsible for budgetary policies needs an institutional fiscal framework that is simple, easy to implement and able to ensure that fiscal policies are sustainable. Mr. Noyer said that whether monetary policy of Euro can translate to higher growth in the long run depends on reforms aimed at increasing the economy's potential. He added that European countries are making progress, although at a slow pace.
Talking on Stability and Growth Pact (SGP), Mr. Noyer said that the Pact defines the Treaty of EU Member States to achieve a medium-term budgetary position of close to balance or in surplus, while maintaining the ration of the gross domestic product (GDP) at within 3% and the ratio of gross debt to GDP at within 60%.
He added that Member States, which do not respect these ratios, face an “excessive deficit” procedure, which may lead the Ecofin Council to take a series of measures, which range from single recommendations to financial sanctions.
EU has reached a diversified and ambitious level of integration, said Mr. Noyer. Euro is both the symbol of EU's achievements and best hope for the future of European integration, added the Governor.
Trade between India and France has seen a growth of 68% over the last two years, said Mr. Marc FONBAUSTIER, Minister – Counsellor, Embassy of France. He said that India and France has a long history of relationship and should take positive steps to strengthen the growth of trade and investment between the two countries. He added that there is a very high level interaction between the two countries for strategic military exchange and this would build up confidence between India and France for further tie-ups.
Mr. B D Narang, Advisor, Meryll Lynch & Co Ltd said that Indian industry recognizes that Euro is a fast emerging important currency of the world market and has the potential to be the alternate currency of the world. Bio-fuel and defense equipments are the focus area of future business between France and India, said Mr. Narang. He further said that both the countries should collaborate in the areas of different technologies and new innovations.
Talking on Stability and Growth Pact (SGP), Mr. Noyer said that the Pact defines the Treaty of EU Member States to achieve a medium-term budgetary position of close to balance or in surplus, while maintaining the ration of the gross domestic product (GDP) at within 3% and the ratio of gross debt to GDP at within 60%.
He added that Member States, which do not respect these ratios, face an “excessive deficit” procedure, which may lead the Ecofin Council to take a series of measures, which range from single recommendations to financial sanctions.
EU has reached a diversified and ambitious level of integration, said Mr. Noyer. Euro is both the symbol of EU's achievements and best hope for the future of European integration, added the Governor.
Trade between India and France has seen a growth of 68% over the last two years, said Mr. Marc FONBAUSTIER, Minister – Counsellor, Embassy of France. He said that India and France has a long history of relationship and should take positive steps to strengthen the growth of trade and investment between the two countries. He added that there is a very high level interaction between the two countries for strategic military exchange and this would build up confidence between India and France for further tie-ups.
Mr. B D Narang, Advisor, Meryll Lynch & Co Ltd said that Indian industry recognizes that Euro is a fast emerging important currency of the world market and has the potential to be the alternate currency of the world. Bio-fuel and defense equipments are the focus area of future business between France and India, said Mr. Narang. He further said that both the countries should collaborate in the areas of different technologies and new innovations.
Confederation of Indian Industry
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