The G20 Finance Minister and Central Bank Governor had met at Ankara the 4th and today. This is what Ms Lagarde had to say about the meeting. After reading this, think about France poor and politician choice where the just nominated Labor Minister is a clear joke – the previous one has resigned. Mr. Bayrou, a possible presidential contender – I wish so – who supported Mr. Hollande in his finishing line, in 2012 – contrary to his position in the political exchequer right in the center-right – had criticized the joke and dubbed it : crony promotion in line with what the president has been doing since the beginning of his idle term.
In the same move, the new managing director of EDF is a parliamentary who previously was in charge of monitoring and advising the group. This kind of revolving door in France between public enterprises and high profile politician, a longstanding malpractice is the centerpiece of ill-governance and low productivity and performance of those french public societies, as zero accountability has been asked to their poor and unexperienced managers. Generally speaking, in France no institutions is accountable ; so is their personnel. Above the common Citizen.
About EDF news, this is what Oil Price emailed yesterday in a very interesting report read (1) –
« In nuclear power news, France’s EDF announced yet more delays at its Flamanville reactor, France’s first nuclear reactor in more than 15 years. The reactor was supposed to be completed in 2012 at a cost of 3.3 billion euros. But multiple delays have now pushed the start date back to the end of 2018 at the earliest, with costs ballooning to at least 10.5 billion euros. The delays are a familiar problem with the new generation of nuclear reactors, just as they were with the previous models. To be sure, building nuclear power plants is highly complex, but delays and cost overruns have plagued the industry, and each setback damages the technology’s competitiveness. When France and other industrialized countries were building up their power sectors in the ‘60s, ‘70s, and ‘80s, there were few other alternatives. But, with cheap natural gas and increasingly cheap renewable energy, nuclear power developers can ill afford setbacks ».
IMF Press Release
Lagarde Urges More Global Action to Support Growth and Jobs
Press Release No. 15/403
September 5, 2015Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement at the conclusion of the Group of 20 (G20) Finance Minister and Central Bank Governor Meeting in Ankara:
“The G20 meeting took place at a time of renewed uncertainty for the global economy amidst rising financial market volatility, declining commodity prices, depreciating currencies in some countries, and China’s growth transition. Downside risks to the outlook have increased, particularly for emerging market economies. Against this backdrop, policy priorities have taken on even more urgency since we last met in April.
“The major challenge facing the global economy is that growth remains moderate and uneven. For the advanced economies, activity is projected to pick up only modestly this year and next. For the emerging market economies, prospects have weakened in 2015 relative to last year, though some rebound is projected next year. For both the advanced and emerging economies, productivity growth continues to be low.
“A concerted policy effort is needed to address these challenges, including continued accommodative monetary policy in advanced economies; growth-friendly fiscal policies; and structural reforms to boost potential output and productivity.
“It is also critical that the G20 increase their efforts to ensure a timely and effective implementation of their growth strategies. To keep the commitments made in Brisbane, more emphasis on implementation will be required between now and the G20 Summit in November when, along with the OECD, we will provide our assessment of progress toward the goal of achieving an additional two percent of GDP growth by 2018.
“I also welcome the G20’s additional commitment to take steps to promote greater inclusiveness, and to provide an enabling economic environment for developing countries as they pursue their sustainable development goals. I urge the G20 to actively support the positive outcomes of the Addis Ababa Conference on Financing for Development (FFD), as well as the climate change agenda to be further discussed by global leaders in Paris later this year. I also wholeheartedly welcome the G20 Turkish Presidency’s decision to establish the Women 20 (W20) – aimed at reducing the global gender gap – and look forward to addressing their inaugural meeting here in Ankara tomorrow.
“Finally, I fully share the G20’s deep disappointment with the continued delay in achieving the IMF’s 2010 Quota and Governance reforms. I continue to strongly urge the ratification of these reforms as soon as possible.
“I would like to thank the Turkish government and people for their generous hospitality.”
IMF COMMUNICATIONS DEPARTMENT