Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 05PARIS6614, FRENCH AUTHORITIES BOLSTER THE EURO, ENCOURAGE

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #05PARIS6614.
Reference ID Created Released Classification Origin
05PARIS6614 2005-09-27 14:01 2011-08-24 00:00 UNCLASSIFIED Embassy Paris
This record is a partial extract of the original cable. The full text of the original cable is not available.

271401Z Sep 05
UNCLAS SECTION 01 OF 02 PARIS 006614 
 
SIPDIS 
 
PASS FEDERAL RESERVE 
PASS CEA 
STATE FOR EB and EUR/WE 
TREASURY FOR DO/IM 
TREASURY ALSO FOR DO/IMB AND DO/E WDINKELACKER 
USDOC FOR 4212/MAC/EUR/OEURA 
 
E.O. 12958: N/A 
TAGS: EFIN ECON PGOV FR
SUBJECT:  FRENCH AUTHORITIES BOLSTER THE EURO, ENCOURAGE 
INVESTMENT IN FRENCH ASSETS 
 
Refs:  A. Paris 5667 
 
       B. Paris 5441 
       C. Paris 6311 
 
1. SUMMARY.  Key EU and French authorities are talking up 
the euro and the attractiveness of French financial markets 
in an effort to increase the attractiveness of France to 
foreigners .  At a recent event targeting Japanese 
investors, officials underlined progress already made by 
France, while calling for structural reforms to improve 
competitiveness.  Despite worries about resurgent French 
protectionism, officials know foreign direct investment in 
France remains crucial to combat sluggish economic growth 
and high unemployment.  END SUMMARY 
 
ECB Governor: Euro Has the Potential to Develop 
--------------------------------------------- -- 
2.  Four months after the "Non" vote in the referendum on 
the European Constitution, which raised questions over the 
future of the euro, the Paris Chamber of Commerce and 
Industry organized a forum with the French-Japanese Chamber 
of Commerce about "the Future of the Euro and the European 
Market" to convince potential Japanese investors.  In this 
forum, European Central Bank Governor (ECB) Jean-Claude 
Trichet stressed the euro was a new currency, not just an 
average of currencies.  He emphasized that the ECB is an 
independent institution that manages the euro.  It 
implements transparent policies, "which is not the case for 
all central banks."  Transparency and credibility, he 
explained, were key factors that "anchor inflation 
anticipations to favor a financial environment of low 
interest rates." 
 
3.  Trichet stressed that seven currencies (the Danish Krone 
and six currencies of the ten new EU members) currently 
revolve around the euro, a clear example of the euro's 
potential.  Twenty-seven countries including two observers, 
Bulgaria and Romania, are already participating to the ECB 
General Council to prepare the future of the euro.  He also 
reiterated the necessity for strict respect of the EU 
stability and growth pact by EU members. In final comments, 
Trichet remarked that although more needs to be done in 
terms of the euro currency, great progress has already been 
achieved. 
 
Treasury: Euro Has Improved the Management of Public Debt 
--------------------------------------------- ------------ 
4.  In the same forum, Bertrand de Mazieres, the Head of 
France's Treasury Agency ("Agence France Tresor") also 
extolled the benefits of the euro on the French economy. 
The introduction of the euro has given the French Treasury 
access to large, financial markets, which has caused 
interest rates to drop, allowing the cost of public debt to 
decrease as well.  De Mazieres dismissed doubts about the 
usefulness and future of the euro and said comments 
questioning the viability of the currency should not be 
taken seriously. 
 
Euronext:  Euro Has Helped the Development of Cross-border 
European Transactions 
--------------------------------------------- ------------- 
5.   Head of Euronext Jean-Francois Theodore emphasized the 
benefits of the euro and the subsequent abolition of 
exchange rate risks.  Euronext, "the first cross-border 
European exchange", resulted from the merger of the Paris, 
Amsterdam and Brussels stock exchanges, and has provided 
improved access to European funding.  Companies can issue 
financial assets at lower costs, making using Euronext a 
good alternative to banking credit.  Euronext has also 
offered international investors a large range of financial 
instruments products with harmonized regulations and unified 
information systems. 
 
6.  Theodore cited examples of Euronext's successes: the 
addition of the Lisbon stock exchange to Euronext in 2001, 
the agreement over becoming sharefolders by 460 Euronext 
members, and the acquisition of the LIFFE, the London-based 
derivatives market, in 2002.  He also mentioned the merger 
of Euronext's subsidiary Clearnet with the London Clearing 
House in 2003, which has improved efficiency throughout the 
European financial community.  Theodore indicated that 
Euronext had further development plans, but did not provide 
any details. 
 
Reforms are Necessary to Develop Potential Growth . . . 
--------------------------------------------- ---------- 
7.  In a special message to international investors, notably 
the large group of Japanese attending the meeting, Trichet 
acknowledged that good monetary policy was a necessary 
condition for economic growth and employment, but "of 
course, it's not sufficient."  Trichet asserted that 
structural reforms were necessary to jump-start growth in 
the Euro zone.  He highlighted the need for labor market 
reform and cited the lower rates of productivity in Europe 
compared with the United States. 
 
. . . but, France Claims It Has Already Started 
--------------------------------------------- -- 
8.  De Mazieres warned that, despite negative comments about 
the lack of reforms in France, "a lot has been done."  To 
support this assertion, he cited the pension reform in OECD 
countries, the forthcoming implementation of health 
insurance reform, and the increase in entrepreneurship. 
 
9.  Similarly, Clara Gaymard, the Chairman of the Invest in 
France Agency (Agence Francaise pour les Investissements 
Internationaux - AFII) remarked that comments about the lack 
of reforms in France continued despite real progress the 
Government has already made.  She listed corporate tax cuts, 
more flexible labor regulations to facilate lay-offs, and 
new hiring contracts which limit minimum lay-off procedures 
for companies of less than 20 employees as key reform 
measures that had already been undertaken.  Gaymard also 
called attention to the steps taken to enhance innovation 
and competitiveness, including the creation of 67 industrial 
poles of competitiveness. She also suggested new measures to 
encourage foreign study in France. 
 
10.  Gaymard disagreed with "generally accepted" criticisms 
of France, such as a shortage of engineers, low 
productivity, high cost of labor, high cost of living, and 
protectionism.  To respond to critics, she stressed the 
presence of a qualified labor force, higher productivity in 
France than in the U.S in 2004, and relatively low labor 
costs.  She praised the safety of foreign investment in 
France, which is proctected by effective patents and 
regulations.  She noted that many companies had made 
significant investments in France during 2004, notably: 
Astrazeneca, Atmel, General Motors, Kinnevic, LG Electronics 
inc, Philips Semiconductors and Siemens.  She dismissed 
notions of protectionist tendencies by stating that France 
is the second country after China to attract foreign direct 
investment. 
 
Comment 
------- 
11.  In this forum, French authorities sought to bolster 
confidence in the euro and its potential, in order to 
promote foreign investment in French financial assets.  The 
officials seem not to have noticed the contradictions in 
their pronouncements as the government seeks to both protect 
(ref B) strategic sectors and pretend it has a completely 
open investment regime.  Despite the inconsistency, all 
officials recognize that foreign investment in France 
remains absolutely necessary if France is to increase 
growth, combat unemployment(ref C), and reduce public debt. 
 
Stapelton