News / Europe

G20 Ministers Gather in Paris to Address World Economy

German Finance Minister Wolfgang Schaeuble, front right, looks at French President Nicolas Sarkozy, left, after a working lunch at the Elysee Palace in Paris, Oct. 14, 2011.
German Finance Minister Wolfgang Schaeuble, front right, looks at French President Nicolas Sarkozy, left, after a working lunch at the Elysee Palace in Paris, Oct. 14, 2011.

Finance ministers and central bankers from the Group of 20 leading economies are in Paris Friday and Saturday to find ways to strengthen the world's ailing economy and staunch Europe's financial crisis.

Related Story by VOA's Al Pessin

Europe received one piece of good news this week as Slovakia became the last country to ratify expanding a key bailout fund for shaky economies in the 17-nation eurozone. Internal bickering within Slovakia's parliament derailed approval of the measure earlier this week.

The eurozone's financial crisis is expected to top the agenda of the Group of 20 finance ministers and central bankers meeting in Paris Friday and Saturday. They will be looking for ways to get the world's sluggish economic recovery back on track. And they will be pressing China for a faster appreciation of its currency.

European leaders are pressured to come up with solutions quickly to their sovereign debt crisis that is threatening the stability of a number of banks and risks further slowing global recovery.

On Wednesday, European Commission President Jose Manuel Barroso outlined a five-point plan to address these problems.

"We are really speaking seriously when we mention the need for more discipline, more integration. It means more Europe - I think that should be the goal of all of us," he said.

The leaders of Europe's two biggest powerhouses, France and Germany, have also vowed to come up with a sustainable, long-term solution to the crisis before a key summit early next month of G20 leaders.

But so far, many experts have criticized European leaders for being slow to address an economic crisis that began with Greece and has spread to other shaky economies.

Even the expanded bailout fund is considered a stopgap solution. Not only must Europe curb its debt, says Philippe Moreau Defarges, an analyst for the French Institute of International Relations, but it must find ways of growing its economy.

"We could have a disaster," he said. "Europe could have a disaster. It's clear that there will be new negotiations about a bigger European fund. It's clear the present European fund will not be enough. They will need more money. And maybe a kind of eurobond."

Moreau Defarges believes that over time, a number of European countries may not be able to pay back their debt. Not just Greece, but also Italy - Europe's third largest economy - and possibly even France.

The week is ending with more bad news for Europe, as Standard & Poors downgraded Spain's long-term credit rating. And top European economic institutes predicted a major slowdown in the growth of Germany, Europe's largest economy.

You May Like

Could Nemtsov Threaten Putin in Death as in Life?

Dynamic and debonair opposition leader had supported liberal economic reforms, criticized Russian president's aggression in Ukraine More

Oil Smuggling Highlights Challenges in Shutting Down IS Finances

Pentagon spokesman says Islamic State 'certainly continues to get revenue from the oil industry black market' but that airstrikes have made a dent More

India Focuses on Infrastructure, Investment to Propel Economy

Government expects economy to grow at 8 to 8.5 percent in next fiscal year More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Supreme Court Hears Hijab Discrimination Casei
X
Katherine Gypson
February 25, 2015 11:30 PM
The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video US Supreme Court Hears Hijab Discrimination Case

The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video Falling Gas Prices Hurt Nascent Illinois Hydraulic Fracturing Industry

Falling oil prices are helping consumers purchase cheaper petroleum at the pump. But that’s made hydraulic fracturing or “fracking” less economically viable for the companies in the United States invested in the process. VOA’s Kane Farabaugh reports on one Midwestern town that was hoping to change its fortunes by cashing in on the next big U.S. oil boom.
Video

Video Fighting in Sudan's South Kordofan Fuels Mass Displacement

Heavy fighting in Sudan's South Kordofan state is causing hundreds of thousands to flee into uncertain conditions. Local aid organizations estimate as many as 400,000 civilians have been internally displaced since the conflict began more than three years ago, while another 250,000 have fled across the border to refugee camps in South Sudan. VOA's Adam Bailes reports.
Video

Video Lao Dam Project Runs Into Opposition

A Lao dam project on a section of the Mekong River is drawing opposition from local fishermen, international environmental groups and neighboring countries. VOA's Say Mony visited the region to investigate the concerns. Colin Lovett narrates.
Video

Video A Filmmaker Discovers Her Biracial Identity in "Little White Lie

Lacey Schwartz grew up in an upper middle-class Jewish family, in a town in upstate New York where almost everyone she knew was white. She assumed that she was, as well. Her recent documentary, Little White Lie, tells the story of how she uncovered the secret of her true racial background. VOA’s Carolyn Weaver has more on the film.
Video

Video Deep Under Antarctic Ice Sheet, Life!

With the end of summer in the Southern hemisphere, the Antarctic research season is over. Scientists from Northern Illinois University are back in their laboratory after a 3-month expedition on the Ross Ice Shelf, the world’s largest floating ice sheet. As VOA’s Rosanne Skirble reports, they hope to find clues to explain the dynamics of the rapidly melting ice and its impact on sea level rise.
Video

Video US-Cuba Normalization Talks Resume Friday

Negotiations aimed at normalizing diplomatic relations between the U.S. and Cuba resume Friday. On the table: lifting a half-century trade embargo and easing banking and travel restrictions. There's opposition in Congress, but some analysts say there may be sufficient political and economic incentives in both nations for a potential breakthrough this year. VOA's Mil Arcega reports.
Video

Video Pakistan's Deadline For SIM Registration Has Cellphone Users Scrambling

Pakistani cell phone users have until midnight Thursday to register their SIM cards, or their service will be cut off. While some privacy experts worry about government intrusion, many Pakistanis are just worried about keeping their phone lines open. VOA Deewa reporter Arshad Muhmand has more from Peshawar.
Video

Video Myanmar Warns Factory Workers to End Strikes

Outside Myanmar's main city Yangon, thousands of workers walked off their jobs earlier this month demanding a doubling of their wages, pay raises after a year and input from labor unions on industrial regulations. Since Friday, the standoff has grown more tense as police moved in to disrupt the sit-ins, resulting in clashes that injured people from both sides. VOA correspondent Steve Herman visited industrial zones which have become a focus of Myanmar's fledgling workers rights movement.
Video

Video Oscar Winners Do More Than Thank the Academy

The Academy Awards presentation is Hollywood’s night to reward the best movies from the previous year. It’s typically a lot of glitter, a lot of thank you’s, a lot of speeches. But many of this year’s speeches carried messages beyond the thank you's. VOA’s Carolyn Presutti takes a look.

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More