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emfizz.com May 30, 2017


Macron meets Merkel in first overseas visit

19 May 2017, 11:58 | Terri Saunders

Merkel says open to principle of reciprocity in trade policy

French President Emmanuel Macron and German Chancellor Angela Merkel address a news conference at the Chancellery in Berlin

With concerns about political risks in the euro zone having receded after centrist Emmanuel Macron was elected France's president over far-right nationalist Marine Le Pen, focus is shifting back towards the outlook for monetary policy.

Emmanuel Macron was welcomed with military honors by German Chancellor Angela Merkel in Berlin Monday afternoon.

Merkel called for "new dynamism" in the countries' relationship. She said the two talked about the European asylum system, trade relations and other issues.

The fervently pro-European Macron wants to push for deeper ties in the 28-member European Union to help the bloc overcome the imminent departure of Britain which voted to leave past year. Amending the European Union treaties requires agreement and ratification from all the bloc's member states.

Macron made clear his determination to tackle his country's problems.

Merkel said that Germany needs France to succeed, emphasizing that "Europe will only do well if there is a strong France". "Not because Europe requests it, but because France needs it".

As for Brexit, with divorce talks expected to begin shortly after June 8th elections in Britain, it is unlikely that will be much of a brake on the Merkel-Macron duo, analysts said.

The pope's telegram urged Macron to "always take care to build a more just and more fraternal society, with respect to differences and attention to people who are in situations of precariousness or exclusion". For the first time since his election, Macron laid out his vision for the eurozone. He is a member of the Republicans, a mainstream-right party whose candidate Macron beat in the first round of the election.

Taking over from outgoing prime minister Bernard Cazeneuve during a short ceremony, Philippe described himself as "a man of the right" who was driven by "the greater good".

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Macron also is siphoning off support from lawmakers on the left.

Merkel, however, seemed keen to give Macron's proposals consideration.

Mr Macron dispelled the idea circulating in German media that he was in favour of turning national debts of eurozone countries into eurozone debt.

She said Germany would also be willing to change European Union treaties if the changes make sense.

"I am not a promoter of metalizing of old debt" within the eurozone, said Macron after meeting Merkel, adding however that the joint financing of future projects should be considered. "I have never favored mutualizing existing debt".

Kritschner said the U-turn was a "declaration of political bankruptcy" in terms of both climate and manufacturing policy.

The statement was a clear nod to Germany, which has been vigorously opposing the idea of taking responsibility for the debts of weaker, crisis-hit European Union member states.

"That is going to be easier said than done, it appears, with USA production running at its fastest pace since August 2015 and data, yesterday, confirming that Chinese growth momentum continues to moderate", ANZ strategists wrote in a daily note.

"Of course, this magic only remains if there are results", she added.



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