European Union finance ministers, particularly those of France and Germany, are intensifying their efforts to reach a joint agreement on new fiscal rules. French Finance Minister Bruno Le Maire is working closely with German Finance Minister Lindner to reform fiscal rules and hopes to secure a fiscal deal by the end of the year. This comes amidst concerns of a potential recession in the Eurozone, with ECB President Draghi expressing strong apprehension about the likelihood of a recession by year-end. Le Maire also emphasized the need for more growth and productivity in Europe, and stated his readiness to make further decisions to reduce public spending if growth levels do not meet expectations.
⚠️ FRANCE WILL DO MORE ON SPENDING IF GROWTH DISAPPOINTS -LE MAIRE Full Story → https://t.co/h8aNE0j2zJ
EU ministers make progress on fiscal rules, awaiting Franco-German compromise https://t.co/ZfdIEGr8v9 https://t.co/ojnYRjXVdz
🔴 FRANCE'S FINANCE MIN. LE MAIRE: I AM PREPARED TO TAKE FURTHER DECISIONS TO REDUCE PUBLIC SPENDING IF THE GROWTH LEVEL DOES NOT MEET EXPECTATIONS.
🔴 FRANCE'S FINANCE MIN. LE MAIRE: I AM CLOSELY WORKING WITH GERMAN FINANCE MINISTER ON FISCAL RULES REFORM.
🔴 FRANCE'S FINANCE MIN. LE MAIRE: THE CONCLUSION WE MUST DRAW FROM RECENT INFLATION CRISIS IS THAT THERE MUST BE MORE GROWTH AND PRODUCTIVITY IN EUROPE.
🔴 FRANCE'S FINANCE MIN. LE MAIRE: "I DON'T THINK SO" WHEN ASKED IF ECB RATE HIKES WENT TOO FAR.
France and Germany are ramping up efforts to find a joint agreement on new fiscal rules that can pave the way for a EU deal by the end of the year, French Finance Minister Bruno Le Maire says https://t.co/AKPm7b4UGE
🔴 GERMAN FINANCE MINISTER LINDNER: NOW IS THE TIME TO DETERMINE WHAT THE AMBITION LEVEL FOR EU DEBT RULES IS IN TERMS OF NUMERICAL TARGETS.
🔴 GERMAN FINANCE MINISTER LINDNER: NOW IT'S ABOUT NUMBERS, NOT ONLY INSTRUMENTS.
🔴 GERMAN FINANCE MINISTER LINDNER: THE FRANCO-GERMAN INITIATIVE COULD LEAD TO AN EU FISCAL DEAL.
🔴 GERMAN FINANCE MINISTER LINDNER: WE HAVE MADE SUBSTANTIAL PROGRESS IN THE REFORM OF EU FISCAL RULES.
🔴 FRANCE'S FINANCE MIN. LE MAIRE: I DON'T AGREE WITH ITALY'S PM DRAGHI THAT A RECESSION IS ALMOST SURE.
🔴 FRANCE'S FINANCE MIN. LE MAIRE: I AM TO HEAD TO GERMANY SOON TO WORK ON A FISCAL DEAL.
🔴 FRANCE'S FINANCE MIN. LE MAIRE: WE ARE WORKING VERY CLOSELY WITH GERMANY ON A FISCAL ACCORD.
🔴 FRANCE'S FINANCE MIN. LE MAIRE: I WANT A FISCAL RULES ACCORD BY THE END OF THE YEAR.
DRAGHI: 'ALMOST SURE' EUROZONE WILL BE IN RECESSION BY YEAR-END