;
Home / Knowledge / News / Textiles / Paris in EU's chair on economic policy
Paris in EU's chair on economic policy
07
Jul '08
France is due to make its first appearance in the EU's economic policy chair 7 July as EU ministers meet to tackle two issues where Paris has previously sparked controversy: the European Central Bank's interest rate moves and measures to freeze oil prices.

Finance ministers from the 15 eurozone countries are meeting on Monday, followed on Tuesday by the first economic ministerial session conducted by France, which has just taken on the six-month presidency over the 27-nation European Union.

The eurogoup gathering comes after last week's move by the European Central Bank (ECB) to raise interest rates by a quarter percentage point to 4.25, following a record rise of inflation in the single currency area to 4 percent in June.

While that figure is double the Frankfurt-based bank's goal of keeping the bloc's inflation close to 2 percent, the eurozone has at the same time recorded a slump in economic growth, with major European exporters saying that a stronger euro will harm their businesses.

Speaking at a meeting of his centre-right UMP party over the weekend, French president Nicolas Sarkozy said that while he did not regret that he had in the past voted in favour of the ECB's monetary policy being independent, he has doubts about its current policy.

"Without compromising everything I believe in, I have the right as president of the French Republic to wonder if it is reasonable to raise the European rates to 4.25 percent while the Americans have rates of 2.0 percent," Mr Sarkozy said, according to press reports.

But although Germany and Spain also voiced concerns about the consequences of interest rate hikes for the eurozone's economy, Berlin, in particularly, remains keen to stress its continued support for the Frankfurt bank's independence.

Support has also come from Brussels.

European Commission President Jose Manuel Barroso openly gave his support to the bank late last week while Italian prime minister Silvio Berlusconi - critical of the ECB in the past - has said that the bank was right to have raised rates to fight inflation.

"I have had a lot of positive remarks" on the rate rise, ECB chief Jean Claude Trichet told a press conference in Aix-en-Provence on Sunday (6 July), adding that there is a global consensus that "price stability is a necessary condition for sustained growth and job creation."

EUobserver


Must ReadView All

Global yarn production up in Q2/18; fabric dips slightly

Textiles | On 10th Dec 2018

Global yarn production up in Q2/18; fabric dips slightly

Global yarn production increased by 5 per cent between Q1/18 and...

Courtesy: Intertextile shanghai hometextiles

Textiles | On 10th Dec 2018

Intertextile Shanghai Home expects 200 suppliers

Around 200 suppliers from China and other countries will display...

Courtesy: Rakez

Textiles | On 10th Dec 2018

Over 50 Indian firms eyeing operations in UAE's RAKEZ

Over 50 Indian firms are interested in expanding operations in Ras Al ...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Luke Otten, Wigwam Mills Inc

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Top executives, Fabric manufacturers

Top executives
Fabric manufacturers

Domestic manufacturers would get an edge over imported products

Tom,

Tom

<div>Inkbank is a leading supplier of inkjet inks and inkjet printing...

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search