Down With Culture… And With Speculators


"I want to be the Minister of Debt Reduction", says French finance minister Moscovici.

Speaking at the presentation of the government’s Budget 2013, Moscovici outlined his policy as a three-pronged attack against Debt, Inequality and The Financial Crisis.

This is no kite-flying à la irlandaise, but a public presentation of the national budget to the people of the Republic (What a nice idea – Kenny & Co please take note!).

Amongst the most headline-worthy measures announced are the decision to reduce the Culture Budget by 4.3% (by €110m from €2.54 billion to €2.43 billion) and the promise of a new piece of legislation that will see banks’ risk-taking business isolated from their retail business.

The latter was a key pre-election promise made by President Hollande and Moscovici said in an interview published in today’s Le Parisien that he would be ensuring that this promise was kept:

“We will not call into question our universal bank model. On the other hand we will be merciless with excess. I don’t want a feeble reform, I want banks to be at the service of the real economy,” he said. “The idea is to separate those activities which are useful for the economy and for investment from speculative activities.”

It’s encouraging to learn that the French are now taking steps to separate the bad guys from the good guys. Meanwhile, here in Ireland, we’re still looking for the bad guys…

1 Reply to “Down With Culture… And With Speculators”

  1. Martin Roche says:

    Let’s see what happens here – very brave, Mr Minister…

Comments are closed.

scroll to top

We use cookies on this website primarily to improve its functionality. Along with typical standard cookies, we also use cookies and content from Google (maps, YouTube, FaceBook, Twitter) to improve the performance of this site. In order to ensure compliance with the General Data Protection Requirements, all cookies and content from Google, Twitter, Facebook and co. are deactivated by default. They will only be activated once you click "Accept" to allow the use of cookies and third-party content. If you initially choose not to accept cookies, you will not be able to watch videos or access other media content on this site. However, you can change this setting on any page containing third-party media by selecting the option to allow content. On the Privacy Policy page under “Cookies” you have the option to give or revoke your consent to the use of cookies. For more information please click the link below to read our: Privacy Policy

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.