France wasn’t quite ready for Germany’s sudden ban on ‘speculative’ trading, which exposes one of the key problems to coordinating Eurozone policy — France and Germany need to be on the same wavelength.They aren’t quite there yet, given that the move ‘stunned‘ France.
Germany took this decision for pure German reasons related to the economic and political situation in Germany,” said Jean-Pierre Jouyet, the head of French financial markets regulator AMF who is seen as close to Sarkozy.
In unusually frank language, he told Reuters that such unilateral moves could damage the euro.
“(The euro) will not be in danger as long as there is an orderly governance and therefore any confusion will help more to weaken the euro than to strengthen it,” he said.
It’s the latest event exposing the clash between the Eurozones’ two cooks in kitchen. They’ll need to find a way to act in unison, for the sake of the euro.
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