France seeks 120 bn euro growth pact, says report | world | Hindustan Times
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France seeks 120 bn euro growth pact, says report

France wants the European Union to agree before the end of 2012 on growth-boosting measures worth 120 billion euros, the weekly Journal du Dimanche said on Sunday, citing a proposal circulated by France ahead of an end-June summit.

world Updated: Jun 18, 2012 01:10 IST

France wants the European Union to agree before the end of 2012 on growth-boosting measures worth 120 billion euros, the weekly Journal du Dimanche said on Sunday, citing a proposal circulated by France ahead of an end-June summit.

The newspaper also reported that France has accepted Germany's rejection of its call to issue mutualised debt in the euro bloc and now agreed that so-called euro bonds were a project to be looked at over a 10-year time frame.

The 120 billion euros are to come from a combination of short-term growth instruments such as project bonds, reallocated EU structural funds and fresh investment capital from the European Investment Bank.

French President Francois Hollande submitted his ideas to EU partners and the European Council a few days ago ahead of a Group of 20 summit in Mexico on Monday and Tuesday and four-way talks with the leaders of Germany, Italy and Spain in Rome on Friday.

“From June, the European Council should adopt growth measures having a rapid impact and totalling 120 billion euros,” the newspaper cited Hollande as saying in the document,

entitled “European growth pact.”

Hollande said the measures should be enlarged upon before the end of 2012 with the creation of a financial transaction tax and measures to create jobs, especially for young people.