Schroeder downplays dollar weakness

5th November 2004, Comments 0 comments

5 November 2004 , BRUSSELS - German Chancellor Gerhard Schroeder on Friday downplayed concerns about the weakness of the US dollar but French President Jacques Chirac expressed concern at the end of a two-day European Union summit. Schroeder said the dollar - which was trading Friday at nine-month low against the euro at around 1.29 - was a matter of concern but not real worry for Germany given the country's booming exports. "At the moment it's not dramatic and therefore does not require political measures

5 November 2004

BRUSSELS - German Chancellor Gerhard Schroeder on Friday downplayed concerns about the weakness of the US dollar but French President Jacques Chirac expressed concern at the end of a two-day European Union summit.

Schroeder said the dollar - which was trading Friday at nine-month low against the euro at around 1.29 - was a matter of concern but not real worry for Germany given the country's booming exports.

"At the moment it's not dramatic and therefore does not require political measures," said Schroeder at a news conference.

In contrast, Chirac said he was worried the high value of the euro could harm foreign trade.

"Europe must take into account the consequences for its exports," said Chirac, adding that the European Central Bank must integrate the weak dollar into its policy.

DPA

Subject: German news

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