Ecofin disappoints financial markets

Ecofin ministers issued a statement expressing their common concern about the weakness of the Euro, but failed to call for an ECB intervention to support the currency

Ecofin ministers yesterday issued a statement expressing their common concern about the weakness of the Euro, but failed to call for an ECB intervention to support the currency. The financial markets reacted negatively to this hesitant position and dragged the Euro further down.

The ECOFIN meeting also nominated French Treasury Director Jean Lemierre as new head of the European Bank for Reconstruction and Development (EBRD).

The Council also held an orientation debate on the Broad Economic Policy Guidelines (BEPG) for the year 2000 and pronounced themselves in favour of a new Commission approach to improve the functioning of the VAT system.

Subscribe to our newsletters

Subscribe