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To: PaulM who wrote (10717)	4/26/1998 9:25:00 PM
From: goldsnow	Read Replies (3) \| Respond to of 116790

"It's not so much the size of last Friday's Wall St fall, or the fact that it capped three days of losses. Rather, a sense of gloom seems to be settling over the market such as has seldom been seen in recent months. " afr.com.au

To: PaulM who wrote (10717)	4/27/1998 9:32:00 PM
From: goldsnow	Respond to of 116790

EU gives in to Paris over US link By Toby Helm, EU Correspondent, in Luxembourg THE European Union bowed to France last night and shelved Sir Leon Brittan's plans for a free trade area of Europe and America. This was seen by EU diplomats and officials in Brussels as part of an attempt to keep the French sweet as efforts intensify to resolve a Franco-German row over who should become president of the European Central Bank. Although Sir Leon's plan is not dead, foreign ministers agreed to French demands that it should not be on the agenda of an EU-US summit in London on May 18. Instead, the summit will discuss trade links with America without referring to the Brittan plan. The decision followed complaints from Jacques Chirac and French ministers at Sir Leon's proposals, which they feel threaten their heavily subsidised agriculture and film industries. European Commission officials said the Brittan plan, under which all industrial tariffs would be abolished by 2010 and a free trade area in services would be established, still had the support of the other 14 member states plus America. With four days to go before an EU summit to select the first countries to join the euro, France is refusing to withdraw its candidate, Jean-Claude Trichet, for presidency of the central bank. Germany is backing Wim Duisenberg, of Holland, who it sees as an exponent of its monetary policy. The worry is that the dispute could undermine faith in the euro. After yesterday's meeting of foreign ministers, a senior EU source said: "We don't want to anger the French at the moment. It was quite clear that if we pressed ahead with Leon Brittan's plans they would fly into a rage." The Bundesbank has made it clear that it does not want to see the central bank presidency settled by a political fix which would damage its reputation for independence before it was set up. Chancellor Kohl said he did not see any conflict between the Bundesbank and his Government on this issue.