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2011-12-16

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French central bank governor Christian Noyer has lashed out against credit rating agencies for threatening to axe the country’s AAA status, claiming if any nation should be downgraded it’s the UK. 

Both countries’s /UK and France/ public sector debts are running at about 85pc of GDP but when Britain’s private sector debts are added we’ve got one of the worst debt positions in the world.
 

However the UK, outside the euro, has a floating currency which in recent years has depreciated by about a quarter versus the dollar to help our exporters cope (although the euro has been weaker in recent weeks).
 

And we have control over our own interest rates, not to mention the austerity measures already implemented which much of Europe is still talking about.
 

Our central bank is far more sympathetic to the perils we face than the European Central Bank which balks at large scale money printing exercises such as quantitative easing, which Sir Mervyn King has embraced.
 

Sadly for Noyer, in Europe it’s what the ECB thinks that counts, not the Bank of France, which is little more than a regional branch of the Frankfurt head office.
 

Damian Reece, Daily Telegraph, 15 Dec 2011

Pimco-chef: 
the realisation that in today’s eurozone, Italy and Spain 
(and France ) are in effect like emerging market countries that borrow in another currency, se inlägget i 
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