French minister calls for more US financial cooperation

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Europe will press the United States to show "more cooperation" in dealing with the global financial crisis at a weekend meeting of top finance officials

   PARIS, Feb 6, 2008  - Europe will press the United States to show
"more cooperation" in dealing with the global financial crisis at a weekend
meeting of top finance officials, France's European minister said Tuesday.
   "It would have been better if there was a more cooperative attitude --
exchanges between treasuries, central banks, fewer unilateral movements before
the G7 meetings," Jean-Pierre Jouyet told AFP in an interview, referring to
two recent interest rate cuts by the US Federal Reserve.
   Finance ministers and central bank chiefs from the Group of Seven leading
economies gather in Tokyo on Saturday for a one-day meeting.
   Slumping global stock markets and fears of a US recession are set to
dominate the meeting, but analysts see little chance of any coordinated
remedial action.
   According to Jouyet, European nations will together press the United States
on further cooperation.
   "What is troubling with the American attitude is that it can panic the
markets," he said.
   Jouyet, however, did not question the principle behind US President George
W. Bush's incentive plan nor that of the interest rate cuts since "all serious
consequences from the subprime crisis on the real economy must be avoided."
   But "with a crisis that originated in America, which has spread across the
international economy, it is the issue of cooperation that is being put
forward."

AFP 

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