国际英语新闻：France wants details of US economy stimulus package

PARIS -- French Economy Minister Christine Lagarde said Tuesday that US President George W. Bush should explain how the US$140-billion stimulus package will work to revive economy.

Bush's current economic stimulating policy is far too vague as it does not tell how and where the money will be used and how long the plan will last, Lagarde said in an interview with a local TV channel.
The minister noted that the US$140-billion package, which was announced by Bush Friday, only accounts for 1 percent of the US GDP.

Analysts believe the package is inadequate to revive the US economy but may add panic to the market which is already jittering for a possible recession.

As for the sharp drop of share prices in Europe and Asia Monday, Lagarde said she would rather term the drop as a "sudden correction" in the market, which has grown substantially in the past few years.

When asked if a US recession will implicate Europe, Lagarde said there are big economic differences between the United States and Europe.

She explained that unemployment rate is on the rise in the United States but is declining in Europe and US economy has begun a slowdown while Europe grows at a steady 2 percent.

The minister also said a US recession will not be a "tragedy" for France as bilateral trade between the two countries only accounts for 8 percent of France's total foreign trade volume.