German Chancellor Angela Merkel strongly defended the European Central Bank's (ECB) independence in an interview published on Saturday, saying France's presidential candidates should stop blaming the bank for the country's woes and follow her reformist example instead.
"Frankly, this debate in France rather worries me," Merkel was quoted by the daily Le Monde as saying, referring to mounting French criticism of the ECB and the euro ahead of presidential elections in April and May.
"We must be careful that our difficulties -- adapting to globalization, carrying out reforms [and] resolving social problems -- aren't all piled on the euro's back," she said.
"If we want to preserve confidence in the euro, we must leave it outside political debate, leave the European Central Bank its independence. That is the very firm German position," she said, Le Monde reported.
France's top two presidential candidates, conservative Nicolas Sarkozy and Socialist Segolene Royal, have criticized the bank's French head and said the ECB is too independent from political oversight. Germany and others strongly oppose any political interference in managing the currency.
The ECB is responsible for setting euro interest rates and has ordered a series of rises over the past year that some politicians warn could hurt European growth. They say the euro's strength is eroding Europe's competitive edge because it makes exports expensive, particularly to the US.
Merkel said that Germany's economy has weathered the strong euro because of painful reforms in recent years and said France would have no choice but to follow suit.
"I don't want to give advice to any country, but I think that on the whole, in the face of globalization, we cannot avoid this path," she was quoted as saying.
NEXT GENERATION: The four plants in the Central Taiwan Science Park, designated Fab 25, would consist of four 1.4-nanometer wafer manufacturing plants, TSMC said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) plans to begin construction of four new plants later this year, with the aim to officially launch production of 2-nanometer semiconductor wafers by late 2028, Central Taiwan Science Park Bureau director-general Hsu Maw-shin (許茂新) said. Hsu made the announcement at an event on Friday evening celebrating the Central Taiwan Science Park’s 22nd anniversary. The second phase of the park’s expansion would commence with the initial construction of water detention ponds and other structures aimed at soil and water conservation, Hsu said. TSMC has officially leased the land, with the Central Taiwan Science Park having handed over the
AUKUS: The Australian Ambassador to the US said his country is working with the Pentagon and he is confident that submarine issues will be resolved Australian Ambassador to the US Kevin Rudd on Friday said that if Taiwan were to fall to China’s occupation, it would unleash China’s military capacities and capabilities more broadly. He also said his country is working with the Pentagon on the US Department of Defense’s review of the AUKUS submarine project and is confident that all issues raised will be resolved. Rudd, who served as Australian prime minister from 2007 to 2010 and for three months in 2013, made the remarks at the Aspen Security Forum in Colorado and stressed the longstanding US-Australia alliance and his close relationship with the US Undersecretary
‘WORLD WAR III’: Republican Representative Marjorie Taylor Greene said the aid would inflame tensions, but her amendment was rejected 421 votes against six The US House of Representatives on Friday passed the Department of Defense Appropriations Act for fiscal 2026, which includes US$500 million for Taiwan. The bill, which totals US$831.5 billion in discretionary spending, passed in a 221-209 vote. According to the bill, the funds for Taiwan would be administered by the US Defense Security Cooperation Agency and would remain available through Sept. 30, 2027, for the Taiwan Security Cooperation Initiative. The legislation authorizes the US Secretary of Defense, with the agreement of the US Secretary of State, to use the funds to assist Taiwan in procuring defense articles and services, and military training. Republican Representative
TAIWAN IS TAIWAN: US Representative Tom Tiffany said the amendment was not controversial, as ‘Taiwan is not — nor has it ever been — part of Communist China’ The US House of Representatives on Friday passed an amendment banning the US Department of Defense from creating, buying or displaying any map that shows Taiwan as part of the People’s Republic of China (PRC). The “Honest Maps” amendment was approved in a voice vote on Friday as part of the Department of Defense Appropriations Act for the 2026 fiscal year. The amendment prohibits using any funds from the act to create, buy or display maps that show Taiwan, Kinmen, Matsu, Penghu, Wuciou (烏坵), Green Island (綠島) or Orchid Island (Lanyu, 蘭嶼) as part of the PRC. The act includes US$831.5 billion in
RSS