Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsnow who wrote (8742)	3/24/1998 9:23:00 PM
From: goldsnow	Respond to of 116764

Paris-Bonn-London EU accord 06:05 p.m Mar 24, 1998 Eastern By Crispian Balmer PARIS, March 24 (Reuters) - French Finance Minister Dominique Strauss-Kahn said on Tuesday that the European Union should be driven forward by the triple weight of France, Germany and Britain. Paris has traditionally enjoyed extremely close ties with Bonn within the European Union, but Strauss-Kahn, in comments bound to annoy the Italians, indicated he wanted to see Britain drawn into the Franco-German axis. ''I believe that we need a Paris-London-Bonn triangle. Europe has to function on these three feet,'' he told reporters. But he added that until Britain joined European economic and monetary union (EMU), any triangular alliance would be incomplete. ''This triangle can work in fields such as foreign policy, defence, cultural issues and economic areas such as tax harmonisation, but not in the most important area, that is the euro,'' he said. Founder members of the euro single currency are due to be selected at the start of May, but Britain has made clear that it will not be seeking admission for some time yet. ''As for Britain joining the euro, there must be sustainable economic convergence between our economies. That does not presently exist,'' British Prime Minister Tony Blair said in a speech to the French parliament earlier on Tuesday. ''I have never made any secret of my concerns at the economic risks in EMU unless the economic conditions are correct,'' he added. But Strauss-Kahn, brushing aside British worries, said he wanted to see London sign up to EMU as soon as possible. ''The sooner that Britain can play a major role in Europe because it has joined the euro, the better,'' he said. His call for Britain to come on board the Franco-German alliance goes against the wishes of many of his government colleagues, who want to nurture and maintain a special relationship with Germany. It will also infuriate Italy, which is highly sensitive over how it is viewed within the EU and last year lashed British Foreign Minister Robin Cook after he said Britain should be one of the three leading EU players alongside France and Germany. Senior Italian officials, horrified at the idea of being placed in Europe's second division, have said Rome should be treated on a par with the EU's three other most powerful economies. Strauss-Kahn's comments on Tuesday over Britain and the euro echoed an interview he gave at the weekend, when he told British television the real leadership within Europe belonged to countries which adopted the euro. The British media took his words to indicate a French desire to cut Blair's European ambitions down to size. However the British premier was eager to avoid any controversy over the issue during his flying one-day visit to France. ''What Strauss-Kahn was simply saying was that positions would be different for countries within the euro and those who aren't in,'' he told a news conference. ''There is very great respect (in France) for the way Britain has changed its position over Europe,'' he added.((Paris newsroom, +33 1 4221 5339, fax +33 1 4236 1072, paris.newsroom+reuters.com)) ^REUTERS@ Copyright 1998 Reuters Limited. All rights reserved. Republicat ÿ Search ÿ Straus