Ministers from the 12-euro zone countries expressed concern recently about the rising price of oil and its effect on euro zone growth, informed press sources.
French Finance Minister Nicolas Sarkozy has written to his colleagues asking for effective measures to be put in place to stem the oil price spike. Luxembourg’s Jean-Claude Juncker called for a common response and said that the high oil price is acting as a brake to growth. Meanwhile, French moves to protect its farmers, fishermen and hauliers from the impact of rising oil prices have angered other member states. Paris’ initiative was discussed at Wednesday night's meeting of the euro group.
The FT reports that Spain is expected to announce similar measures to help its farmers.