& çâÌæÚUæð´ ·¤è ¥ôÚU Îð¹Ùæ ÁæÚUè ÚU¹ð´ ¥ÍæüÌ ¥ÂÙð ÜÿØ ÂÚU ŠØæÙ ÚU¹ð´Ð ãæÚU Ù ×æÙð´, €UØô´ç·¤ ·¤æ× ·¤ÚUÙð âð ¥æÂ·¤ô ©gðàØ ·¤è Âýæç# ãôÌè ãñ ¥õÚU ÁèßÙ ·¤æ ¹æÜèÂÙ ÎêÚU ãôÌæ ãñÐ ÖÜð ãè ÁèßÙ ×ð´ ç·¤ÌÙè Öè ·¤çÆÙæ§ü €UØô´ Ù ¥æ°, çÁ™ææâæ ¥õÚU ©ˆâæã ÕÙæ° ÚU¹ð´Ð ŠØæÙ ÚU¹ð´, ÜÿØ ã×ðàææ ¥æÂ·Ô¤ Âæâ ãôÌð ãñ´ çÁ‹ãð´ ÂæÙð ·Ô¤ çÜ° ÂýØæâ ¥æÂ ·¤Öè Öè àæéM¤ ·¤ÚU â·¤Ìð ãñ´Ð

Kohl-Lamont slanging match on sterling devaluation
LONDON. Sept 19 : A major crisis between Germany and Britain erupted on Friday a* anger over sterling's devalue tion led to a slanging match between German Chancellot Helmut Kohl and British Finance Minister Norman Lamont, reports Reuter.
Lamont told BBC radio that Germany must change its eco nomlc policy before the pound could be returned to Europe's Exchange Rate Mechanism (ERM). tn the past 24 hours he was failed to hide his Irritation with Germany
Just hours after Friday s radio interview Kohl scornfully dismissed Lamont's demand as 'Inappropriate for a minister'
Lamont had not minced his words when It came to Germany. •
•We want to be satisfied that German policy, which has produced many of the tensions within the Exchange Rate Mechanism, is actually going to have some changes and be able to operate within a more liable environment.' he said.
Lamont was delivering a coded demand for Germany to cut interest rates. Kohl seemed to understand loud and clear.
"Such a remark is inappro prtate for a minister." Kohl told a news conference tn Florence, where he was holding talks with Italian Prime Minister Giuliano Amato.
British officials, who declined to be identified, said Lamont felt betrayed by the Bundesbank which Is now widely seen— including In Prime Minister John Major's government — as having waged a whispering campaign to pro-
voke a sterling devaluation
Lamont • comment was the second public salvo to be fired at Germany after Britain wa* forced Into a humiliating u turn on It* ERM policy and an embarrassing interest rate rise which was subsequently re versed
Sir Norman Fowler, Chairman of Major * conserve five party, said on Wednesday after the fiasco that turmoil on the foreign exchange markets had been partly caused by comments from the Bundesbank
On whether Lamont should resign, Fowler said at that time : -Frankly, if anyone should re sign it should be the president of the Bundesbank "
But German Finance Minister Theo Waigel then re jected the suggestions that Germany s high Interest rates were to blame for current chaos on European currency markets
"No. this Is not correct." he told Reuter. "1 think everyone should consider what the cause Is tn their own area of responsibility. I do not think much of apportioning blame. But I reject attempts to blame
In Friday's interview. Lamont also tried to defuse another row which was brewing in Conservative tranks over a remark attributed to Kohl that Major had told him that Britain planned to return to the ERM 'soon.'
"Major told me he is thinking of returning soon to the EMS." Kohl was quoted as saying by Italian Foreign Ministry undersecretary Valdo Splnl.
Asked about this. Lamont
replied : "Well 1. having been through the experiences of the last week, am not anxious to return this afternoon. 1 can tell you.'
Hearing about Kohl's remarks, so called Eurosceptics tn the Conservative Party had fumed
It wa* arrogant and bumptious of the government, within hours of the moat costly humiliation that Britain has ever suffered. to say they were going to jump back Into the ERM straitjacket as soon as they possibly can.' said outspoken MP Teddy Taylor
As well as expressing his misgivings about German policy. Lamont said currency markets must be stabler and Inter-government cooperation reviewed before the pound could go back to the ERM
He spelt out the alms of future British goals
"We are floating (the pound) and we will monetary policy In this country to meet our objectives and it will be a British economic policy and * British monetary policy." said Lamont, heavily stressing the word British sending a signal to Germany
Major, who has Identified himself closely with Lamont s strategy, has made no public comment since the crisis broke on Wednesday, prompt Ing accusations from the opposition that he is abdicating his responsibility
"The last 48 hours have seen some of the most mo mentous changes in British economic policy, while the prime minister has yet to say a single word In explanation to the outside world." said Labour
Party Economics spokesman Gordon Brown.
The government is now "hoping to make the best out of a bad job." as one conservative source put it and former minister Kenneth Baker, who said he had argued against Britain joining the ERM. told the BBC "We now have a clearing tn the wood "
This feeling was reflected
on the stock market where the FTSE index of 1OO leading shares rose by 64 2 points to 2.548.1 points after a rise of more than 1OO points on Thursday.
The pound slipped a shade from its Thursday's closing level to stand at 2.61 marks.
well below its former 2.95 ERM central rate.
Reuter from Florence adds German Chancellor Helmut Kohl said on Friday a European Community (EC) summit must be called soon to deal with Europe's currency crisis regardless of how the French vote on Maastricht goes on Sunday
"Independently of the result of the French vote, it is important that we meet in the nor future,' Khol told a news conference at the end of talks with Italian Prime Minister Giuliano Amato
Kohl said the summit was needed to calm financial mar ket* and EC leaders could not watt until their next scheduled meeting In Edlburgh, Scotland, in December
The Italian government, which was forced to effectively suspend the lira from Europe's Exchange Rate System yesterday had been pressing Germany to agree to a summit. France also favours the idea.
Financial analysts fear a complete breakdown in Europe's 13-year-old system of exchange rate coordination if the French reject the Maastricht Treaty on European union on Sunday
But even if the French say "yes", currency tensions could well persist
Oclgiuni sticks by strong franc
Another report add* The head of Belgium s central bank Friday said he wa* ready to defend hl* country's currency If It weakens after Sunday s French referendum on European Union.
National Bank Governor Alfons Verplaetac said he
fluctuation band the
Deutsche mark, even in times
He told reporters his two-year-old strong-franc policy will not change regardless of the outcome of the French referendum.
He said he hoped no more European Monetary System
absence' from the monetary grid as the Italy and Britain did this week amid monetary chaos on European markets.
He ruled out such a move for Belgium.
But Verpfoetse declined to say tf Belgium would support Italy's bid to re-enter the EME
Tuesday
Earlier Friday, the Belgian central bank said it had spent 92 billion francs (nearly 100 million dollar) in the past two week* to support weaker EMS cm re rule* mainly the Italian
holds rate at 10 pc
AFP adds: The bank of England held Its key intervention rate at 10 per cent during operations on the money market
Some speculator* had anticipated that the rate would be cut because sterling was floating free of rate constraints required by the European, Monetary System (EMS).
On Wednesday the bank had activated the MNL. Increasing the effective rate to 12 per cent, and announcing a rate of 15 per cent from Thursday In a vain attempt to support sterling