Economic Worries Spark French-British Tensions
时间：2011-12-21 05:09:29
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As Europe's fiscal1 concerns mount, relations between France and Britain are fraying2 as the two countries trade barbs3 over which economy is the worse off. The spat4 among historic rivals comes amid more gloomy economic forecasts out this week.
Slow growth and high debts have strained European Union ties this year, raising arguments that Europe must either
bind5 closer together
fiscally6 and economically, or face at least the
prospect7 that the 17-nation eurozone might break apart. Britain - which is not part of the eurozone - made clear earlier this month it would not join a new fiscal
pact8 championed by France and Germany.
That has strained relations with France. So have comments by French government officials - like French Finance Minister Francois Baroin.
In a recent radio interview, Baroin rejected any economic "lessons" from London. Britain's economy was very worrying, he said, adding that it was preferable to be French right now than British.
Reports say Britain has objected to these and other French remarks. But the bottom line, says Tomasz Michalski, a professor at the HEC business school in Paris, is that both France and Britain should be worrying.
"If you look at economic figures, both France and the United Kingdom are not doing especially well," said Michalski. "So they have high debt-to-GDP ratios - France has something which is approaching 90 percent; the UK is around 80 percent. Both are in danger of a recession. And therefore the
prospects9 of both countries
incurring10 more debt in the future are still large."
Ratings agencies - including Fitch Ratings on Friday - have warned a French downgrade is
looming11. That would be a blow to French President Nicolas Sarkozy's campaign for reelection next year.
"Sarkozy is very uneasy with France losing its triple A status just before the presidential elections," said Michalski. "That's because it would be on his watch - he would be responsible."
In fact, the outlook for Europe as a whole is gloomy. The European Central Bank in a report on Monday predicted tough economic times in 2012, with slower economic growth and a shortage of financing for banks. But in remarks to European lawmakers, ECB President Mario Draghi downplayed fears of a breakup of the eurozone.
"I have no doubt
whatsoever12 about the strength of the euro, about its permanence, about its irreversibility….The one [single] currency is irreversible," Draghi said.
On Monday, European finance ministers agreed to inject $196 billion into the International
Monetary13 Fund to help shore up struggling eurozone countries. But that sum fell short of the $261 billion European leaders agreed on earlier this month. Britain reportedly declined to contribute to the funding.
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