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Europe Daily Bulletin No. 8506
Contents Publication in full By article 39 / 44
GENERAL NEWS / (eu) eu/economy

US Secretary of State to Treasury calls on Euro zone countries to take action to encourage growth

Brussels, 16/07/2003 (Agence Europe) - In an interview published on Wednesday in The Times, John Snow, the US Treasury Secretary, laid out his determination to persuade Europe to take "stronger measures" to revive their economies and contribute to global economic growth. According to the British daily, John Snow, , who is on a four-day visit to Britain and Germany, is determined to persuade the 12 eurozone countries to take stronger measures to revive their economies. "My main topic of conversation here will be the need for more growth in Europe", he said. He predicted that America is already in a powerful rebound in its economy that will see it accelerate ahead of rival economies next year. Britain had put in place the right conditions for recovery, he said. But the eurozone nations needed to examine why they had failed to show a strong upturn. In this regard, he threw his weight behind a call from President Chirac of France for a temporary easing of Europe's tough budget rules under the controversial Stability and Growth Pact. “It's a mistake for countries to put themselves in straitjackets,” he argued. Mr Snow also delivered a warning of government attempts to manage currency values of the euro and the dollar. He concluded that: “If we manage our economies well, the currencies will take care of themselves.”

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