euro|topics - David Barroux

Barroux, David

4 articles of this author have been cited in the European Press Review so far.

Les Echos - France | 13/11/2008

Problematic oil price

Since the middle of the year the price of crude oil has been in a downward spiral. French daily Les Echos warns that we shouldn't start celebrating too soon: "In the long term the world could end up paying a high price for the cheap crude oil of today. The price of the black gold, which is seen as a real-time thermometer for the vitality of our economy, is the symbol of our current malaise. Celebrating the downturn in the price of crude oil is tantamount to celebrating the deceleration of the economy in developed and developing nations. And even though it's hard to sympathise with them, the major oil exporters have nothing more to celebrate either. The petrodollars that have driven the growth of the global economy are becoming increasingly scarce. The weakness of the black gold is also problematic in the long term. Producers will allow the current fields to dry up, and in the end the cheap barrel will have a negative impact on production."

Les Echos - France | 17/10/2008

The state must not replace the market

The daily Les Echos warns against setting too much store by state intervention in connection with the financial crisis: "In the hour of collapsing stock exchanges and the despair of the giants of capitalism, it is no longer the priority of public spending to stimulate competition between companies. [Rather it is concentrating on] fending off the most pressing problems and protecting existing actors. Having intervened less and less in the micro-economic sphere, the state has now reemerged as a fireman to put out the fire. It is saving banks, buying flats and persuading car manufacturers like Renault to postpone its plan to cut jobs. ... But we shouldn't use the crisis as an excuse to slip back too far. ... We pretend to want to punish the excesses of capitalism but if we actually did so we would risk condemning a system that had on the whole proven to be efficient. The current crisis is a profound one. It may last a while. But it should not mean that we lose our entire basis."

Les Echos - France | 16/07/2008

The birth of a gas giant

The business paper Les Echos comments on the long-awaited merger between the French energy companies Gaz de France (GDF) and Suez: "The birth took a long time and right up to the very last moment the outcome was uncertain. But the labour pains will not have been in vain. The GDF-Suez consortium that has just been born is not a child that will first have to learn to walk; rather it is a fully-grown company on the global market - one which will wield influence in a strategic area from the word go. The shareholders who have watched the company's share capital rise by 65 percent since the fusion was announced are not the only ones to be delighted. At a time when energy prices are exploding, the merger between Suez and GDF will certainly not ... have a short-term positive impact on the monthly bills of its customers. ... Gas will be expensive, but at least there will be gas! As a giant in a world of giants, the GDF-Suez tandem will not only have a more stable pool of suppliers at its disposition, it will also be in a better negotiating position vis-à-vis titans like Gazprom. ... In the coming trial of strength between gas producers and middlemen, size is what counts. French customers ... will no doubt profit from this."

Les Echos - France | 02/06/2008

Cultivating the television landscape

France's television landscape faces profound changes. President Sarkozy intends to do away with advertising on public television without raising television licence fees. The business newspaper Les Echos argues for radical steps in place of "minor reforms": "France can achieve high-quality public programmes while at the same time allowing private channels to flourish. ... But the public broadcasters must not be robbed of their advertising revenues without being able to absorb the losses through a hike in licence fees. Otherwise the stations will be unable to achieve the desired quality. ... The same bitter facts also apply to the private channels. If you want strong enterprises, market mechanisms must be given free reign. One must not attempt to manage the private economy."

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