Malmo, 20/04/2001 (Agence Europe) - The Finance Ministers of the euro zone, meeting in Malmo Friday afternoon, on the fringe of the informal EcoFin Council, under the Presidency of the Belgian Minister Didier Reynders, were to reiterate their "realistic optimism" and confidence in the ability of the economy of the euro zone to resist the world economic slowdown thanks to strong domestic demand. The talks, still in progress as we went to press, did, however, risk being overshadowed by a forecast for economic growth in the euro zone less strong than expected, estimated, according to our sources, at around 2.7% for 2001, whereas, in November, it was estimated at 3.2%. Eyes were especially turned towards the figures in Germany, where growth is said to be estimated at 2%, whereas France is said to have a performance of 2.4%. Without saying so openly, ministers are waiting for a decision by the European Central Bank on a cut in interest rates and some expect this for May. While stressing the independence of the ECB, Didier Reynders on several occasions called on the "guardian of the euro" to "assume its responsibilities" regarding monetary policy. In Malmo pressure on the ECB was certain to increase, but emphasis was being placed on the fact that they had to ensure that the Central Bank did not lose face.
The finance ministers were also to examine the mechanisms by which the American slowdown could affect the Old continent, be that commercially, economically or financially. "Certain negative vibes from the United States, such as profitable restructuring, have had an important impact in Europe" said a diplomat.
Commissioner Pedro Solbes, responsible or economic and financial affairs, who was taking part in the meeting, intended providing a signal of confidence, a few days before the publication of the spring economic forecasts (that the European Commission will be presenting on Wednesday).
Ministers broached certain structural issues, concerning, in particular, the labour market and the reform of the tax systems. They also discussed the latest European Commission communication on preparing for the introduction of euro coins and banknotes.