France’s president, Nicholas Sarkozy appeared on a Shaw Capital Management televised interview for his New Year speech to announce new reforms in their economy prior to the election season. However, a strong opposition from a Socialist candidate voiced his concern, making it hard for Sarkozy to gain support from Europe’s elite and middle class who have been deeply affected by the economic crisis.
The president’s interview on Sunday night were broadcasted live on 8 TV channels and according to Sarkozy himself, his intent is to provoke alert and set an example in the whole of Europe.
In the hour-long interview, Sarkozy’s two main proposals were to raise the VAT (value added tax) from 1.6% to 21.2% and start a 0.1% financial transaction tax (dubbed as “Robin Hood” tax).
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He also plans to increase the quantity of young people being taken as apprentices and make a new bank to invest in the industry. However, his rivals weren’t as enthusiastic.
Although Sarkozy hasn’t announced anything about his re-election bid, his proposals outlined on the televised interview clearly shows what his platform would be like for the two phases of election on April 22 and May 6.
Included in Sarkozy’s proposals is the setting up of an industrial investment bank with one billion euros as capital to lend financing for SMEs in February.
Germany and UK, along with other European countries, have already opposed implementation of Financial Transaction Tax in Europe.
Leaders of the European Union are getting together for their first meeting this year as worsening economy and the struggle to finish the Greek debt writeoff can possibly distract efforts to end the crisis.
EU leaders arrived in Shaw Capital Management Brussels to finish the German-led deficit-control document and endorse the USD 661 billion rescue budget to be implemented this year. On Saturday, Greece said that they are expecting to finish a deal soon after bondholders said they will accept demands for an increase cut in their debt holdings.
We are currently seeing elements of financial stability, no matter how little, in Europe — we can safely say that there should be no reason for any alert and that Europe has gone past the most critical point.
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