PARIS: The European Union plans to kick off its €750 billion ($917 billion) pandemic recovery package with an initial €10 billion bond issue, France’s junior minister for European affairs, Clement Beaune, said on Monday.
In an interview with French financial daily Les Echos, Beaune also said that more than €100 billion would be injected into the European economy from this year.
Beaune said the European Commission would launch the debt issuance process on June 1 by calling on big European and international banks, and the securities would be issued in June.
“The market appetite should be very major and the interest rates very favorable,” he told Les Echos.
Asked whether the new bonds would be called corona-bonds, he said “let’s avoid this radioactive term,” and added that with the recovery package an embryonic European Union treasury was taking shape.
Proceeds of the issue would be spent from July onwards and by the end of the year Europe will inject more than €100 billion into its economy to finance the recovery of its member states, he said.
Asked about a G7 initiative for a minimum corporate tax rate of 15 percent, he said that within the European Union, Ireland was the most hostile to the principle of a minimum tax and taxation of Internet companies, and to a lesser degree Cyprus and Malta.
He added that the Netherlands was not opposed to the principle but will be demanding about its implementation.
“The European Union is blocked because of the unanimity rule. When there is a legal blockage, we need a political battle ... given the US position and the global agreement that we hope for in July, this will put a lot of political pressure on the reticent member states,” he said.
EU to kick off pandemic plan with €10bn bond issue -French minister
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EU to kick off pandemic plan with €10bn bond issue -French minister
- More than €100 billion would be injected into the European economy from this year
- European Commission would launch the debt issuance process on June 1
Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador
RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.
Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.
He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.
La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh.
Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.
Launching La Fabrique as a space dedicated to artistic creativity
The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally.
He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.
Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.
Saudi Arabia benefiting from French experience in the cultural field
Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.
This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.
He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.
La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.
