Ministers hold back on euro statement

Euro zone finance ministers, meeting in Lisbon in informal session, declined to issue a statement on the euro's value. Despite earlier speculation and promises from some, the 11 decided statements of support would do little for the currency.

On his way to the meeting, the Minister for Finance, Mr McCreevy, made clear that although the issue would be discussed, he did not favour any attempt to push the markets.

Others were more forthcoming: France's new Minister, Mr Laurent Fabius, and his German counterpart, Mr Hans Eichel, said the euro had room to appreciate. The Portuguese Finance Minister and Euro-11 chairman, Mr Joaquim Pina Moura, said: "I think that the economic development in the euro zone is going very well and markets should see this."

It is understood, however, that some ministers at the meeting have pressed for a statement of support for the euro from the G7 meeting on April 15th.

The meeting, which resumes today as an informal meeting of EU Finance Ministers, will again try to deal with the vexed issue of the savings tax directive, still blocked, largely by the British. There has been some hope in Brussels this week that progress can be made through proposals on joint exchange of information about non-resident accounts, but diplomats here were holding out little hope of progress.