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French finance minister criticises 'worrying' UK economy

Finance minister Francois Baroin has become the latest French figure to allege weaknesses in the UK economy.

It comes a day after the chairman of the French central bank suggested the UK's credit rating should be downgraded - ahead of France.

Mr Baroin said: "The economic situation in Britain today is very worrying."

Downing Street has said the coalition has a credible plan for the economy. Meanwhile UK officials are to join continuing eurozone talks.

Britain will be involved despite Prime Minister David Cameron's veto of an EU-wide treaty change involving all states.

'Rather be French'
France has been warned by US credit ratings agency Standard and Poor's that it could lose its triple-A credit rating over the eurozone crisis.

But Mr Baroin told Europe 1 radio: "The economic situation in Britain today is very worrying, and you'd rather be French than British in economic terms."

On Thursday, the chairman of the French central bank, Christian Noyer, suggested that any downgrade should instead start with the UK "which has more deficits, as much debt, more inflation, less growth than us".

Downing Street downplayed Mr Noyer's remarks, saying: "We have put in place a credible plan for dealing with our deficit and the credibility of that plan can be seen in what has happened to bond yields in this country."

And a spokesman rejected suggestions Mr Cameron has been agitating against the eurozone agreement - after the PM spoke to his counterparts in non-eurozone countries this week.

All EU states apart from Britain are considering signing up to the agreement, which aims to introduce closer fiscal integration in the eurozone with tougher rules on debts and deficits.

The No 10 spokesman said the PM's aim had been to make clear that the UK wanted to "engage constructively" in talks.

Labour leader Ed Miliband said he wanted Mr Cameron to "get back round that table and fight for Britain".

But he warned he was "not sure how much of a voice he's going to have" following the PM's refusal to sign up to the eurozone fiscal pact last week.

Mr Cameron has also denied claims that relations with French President Nicolas Sarkozy have been strained by his decision.

BBC Europe correspondent Matthew Price says there has been an astonishing series of attacks coming out of Paris.

He says French officials are smarting from the expected imminent loss of their cherished AAA rating.

'Train crash'
Andrew Tyrie, Conservative MP and chairman of the Treasury Select Committee, said the remarks by senior French figures were "a reflection of the great nervousness around".

"We have been watching the slow-motion train crash about to happen for some time," he told BBC Radio 4's World at One.

"The plain fact is we have all got an interest in seeing an orderly resolution in all this.

"Trying to distract attention to other countries' problems is not going to help anyone."

Liberal Democrat Sharon Bowles, chairwoman of the Economic and Monetary Affairs Committee in the European Parliament, said countries should avoid criticising each other.

"I think, to some extent, [it's] a little bit of a retaliation, a little bit of a spat because they (France) want to defend their rating - or if it goes they want to say, 'Look there's a lot of us in the same boat,'" she said.

"But we ought to try and be more positive and swim together rather than sink separately."

French banker says UK should be downgraded first

Christian Noyer heads France's central bank
Continue reading the main story
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Rating threat to European Union
The chairman of the French central bank, Christian Noyer, has said ratings agencies should downgrade the UK before France because its economy is weaker.

US agency Standard and Poor's recently warned France its rating could suffer over the eurozone crisis and downturn.

"The downgrade does not appear to me to be justified when considering economic fundamentals," Mr Noyer said.

The British Government responded by saying the UK had a credible plan for dealing with its deficit.

Speaking to French regional newspaper Le Telegramme, Mr Noyer said any downgrade should start with Britain "which has more deficits, as much debt, more inflation, less growth than us and where credit is slumping".

Britain was not identified as a credit risk by Standard and Poor's in its report earlier this month.

The spokesman for UK Prime Minister David Cameron said: "Credit ratings are a matter for credit rating agencies but we've put in place a credible deficit reduction plan and you can see that credibility in the UK's bond yields."

There is a sense of frustration across the eurozone that last week's summit in Brussels seems to have done little to calm the financial markets, the BBC's Chris Morris reports.

Relations have been strained between France and Britain, which vetoed changes to the Lisbon Treaty that would have allowed for closer economic integration.

Hungary and the Czech Republic raised concerns on Thursday about the plans for a closer fiscal union, saying they should apply only to eurozone states.

Loss of the top credit grade would have serious economic implications for France, increasing the interest rate it paid for new state borrowing.

Mr Noyer accused ratings agencies of putting at risk "the positive feeling that existed on the markets the day after the Brussels summit".

In the French parliament, Finance Minister Francois Baroin poked fun at Britain, saying the fiscal pact had been backed by every country in Europe, "with the singular, now solitary, exception of Great Britain, which history will remember as marginalised".

"Great Britain is in a very difficult economic situation, a deficit close to the level of Greece, debt equivalent to our own, much higher inflation prospects and growth forecasts well under the eurozone average," he said.

"It's an audacious choice the British government has made."
Analysis


Chris Morris
BBC News, Brussels
There is a sense that the markets are waiting for a decision from the ratings agencies on whether France will lose its cherished AAA credit rating. French ministers have already said it would be regrettable, but not disastrous.

For a central banker, these are rather extraordinary comments, but Mr Noyer also said the agencies had become incomprehensible and irrational.

It is another sign of the sense of frustration across the eurozone that last week's summit seems to have done little to calm the financial markets. Already there are political disputes brewing about the proposed new treaty which all EU member states except Britain have agreed to consider.

Part of the problem is that there is no draft treaty text yet - it is due to emerge early next week. After that, intensive consultations will begin, with the aim of reaching a political agreement on the details of the treaty at yet another EU summit in late January or early February.

Passos: É preciso um maior envolvimento do BCE Escreveu:
Pela primeira vez, o primeiro-ministro defendeu hoje abertamente a necessidade de o BCE intervir, e sem demoras, para tentar travar a crise do euro. Sem o euro estabilizado, os esforços em Portugal estão condenados ao fracasso, disse.
Pedro Passos Coelho defendeu esta tarde “um maior envolvimento” do Banco Central Europeu (BCE) na luta contra a crise do euro, argumentando que é preciso que a autoridade monetária do euro ajude a criar condições de estabilidade nos mercados para que os Governos possam ter tempo para mostrar os resultados, necessariamente algo demorados, dos esforços em curso de consolidação orçamental e de reforma das respectivas economias.

Falando na cimeira dos líderes do Partido Popular Europeu (PPE), que está a decorrer em Marselha, em véspera de mais uma cimeira europeia que pode revelar-se decisiva par o futuro do euro, o primeiro-ministro frisou que, neste momento, a intervenção do BCE é necessária para que o projecto da união monetária possa recuperar "credibilidade" juntos dos investidores.

“Um maior envolvimento do BCE é muito bem-vindo” e, frisou Passos, a sua intervenção não pode ser entendida como um gesto de “solidariedade, mas de credibilidade”. “O BCE não deve pôr em causa a sua independência, nem a sua missão de assegurar a estabilidade dos preços. Mas deve também manter-se fiel à sua missão de ser um instrumento de estabilização”.



http://www.jornaldenegocios.pt/home.php ... &id=524367

ferradura Escreveu:(...)

Nada será como dantes, mas primeiro virão as tormentas, e depois a bonança.

Portanto, estejamos preparados para o pior, mas esperança que tudo irá renascer.Embora de forma diferente.

Banco central vai emprestar aos bancos a três anos, para aliviar pressões de liquidez sobre o sector. Escreveu:
O BCE anunciou hoje várias medidas de apoio à banca, como forma de aliviar pressões de liquidez sobre o sector, procurando garantir que o sistema financeiro concede crédito à economia durante 2012, um ano em que os bancos enfrentarão pressões acrescidas, com novas exigências de capital, e com um montante recorde de obrigações próprias a vencer que terão de ser refinanciadas.

Entre as medidas anunciadas, destaca-se o anúncio de dois empréstimos aos bancos com maturidade de 36 meses, o que nunca tinha acontecido. Mantém-se a regra de ceder liquidez sem limites e a uma taxa de juro fixa (a que resulta da médias das taxas de juro centrais durante a vida dos empréstimos).

O BCE baixou ainda as exigências em termos de qualidade dos colaterais que aceita nos empréstimos que concede aos bancos, uma medida que se aplica especificamente aa activos titularizados (Asset Backed Securities) . Ainda nesta frente, o Eurosistema autoriza os bancos centrais nacionais a aceitar crédito hipotecários como colateral, mas essa opção será feita por sua conta e risco. Finalmente, os rácios de reserva, isto é o dinheiro que os bancos têm de ter depositados no BCE ou em reserva de liquidez nos seus balanços, irá baixar de 2% para 1%.

“As medidas que anunciamos hoje servem para alivar a pressões de financiamento” dos bancos, afirmou, explicando que os bancos continuam a não emprestar uns aos outros, e lembrando que os bancos têm cerca de “230 mil milhões de euros de obrigações bancárias a atingir a maturidade no próximo ano”, acrescentando que “queremos manter o sistema bancários com liquidez”.

http://www.jornaldenegocios.pt/home.php ... &id=524361

Clinico Escreveu:Mas a Merkel não disse já que não ía sair resolução nenhuma daqui??
basta ver as bolsas e os futuros.. é que nem para baixo, nem para cima
Não comprem ouro nem dolares não!e vão ver os euros carimbados
Abraços
Clinico

alvim Escreveu:
A unica certeza que vai sair daquela cimeira, vai ser a marcaçao da data da proxima cimeira.

paulop2009 Escreveu:A Irlanda já mandou dizer que só aprova as ideias da dupla Merkosy se lhe perdoarem parte da dívida à Troika...

http://www.telegraph.co.uk/finance/fina ... aties.html

Já estamos a ver no que isto vai dar, não já? Vejo 3 hipóteses
1 - Vai tudo com o caraças
2 - é uma cimeira para marcar a próxima cimeira
3 - chega-se a acordo acerca de qq coisa, e daqui a 2 ou 3 dias volta-se atrás...

Qual delas a melhor?