ECOFIN: French Fin Min: Sees France '08 Growth At "Around 2%"
Monday March 3rd, 2008 / 23h48
BRUSSELS -(Dow Jones)- French Finance Minister Christine Lagarde Monday said that she still sees economic growth in 2008 at "around 2%," adding that that could well mean "a little higher" than 2% or "a little lower," in spite of the current strength of the euro. In a press briefing following a meeting of finance ministers from the 15 countries that use the euro, Lagarde said that French inflation is expected to decrease in the second half of the year compared to the first half. Lagarde also reiterated that the current volatility on foreign exchange markets is worrying and noted that the statement the European Central Bank President Jean-Claude Trichet made to the press ahead of the meeting was "unusual." Trichet earlier spoke to reporters, noting that U.S. Treasury Secretary Henry Paulson had reasserted his government's belief that a strong dollar is in the nation's best interest. Foreign exchange rates must reflect the economic fundamentals, Lagarde said, noting that she was repeating what all euro-zone finance ministers had agreed to say on the issue, and adding she would "restrict (her) comment to that." As for the current discussions surrounding sovereign funds, Lagarde said that France was "in no way hostile to them." France ranks third in the world in terms of the value of foreign direct investments it attracts, Lagarde said, adding that the sovereign funds "can contribute to economies." "We support the position of the European commission" on sovereign funds, she said, adding that sovereign funds' investment strategy and governance must be clear. The Commission last week said that new rules controlling the access of sovereign wealth funds to investments in the European Union weren't needed, but urged that the funds themselves become more transparent. She also confirmed that France supports Germany Deputy Finance Minister Thomas Mirow to head the European Bank for Reconstruction and Development. Its current president, French citizen Jean Lemierre, is stepping down in July. - By Geraldine Amiel, Dow Jones Newswires; +33 1 40171740; geraldine.amiel@dowjones.com;
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