ECB calls euro a 'remarkable' success for Europe

9th July 2007, Comments 0 comments

AIX-EN-PROVENCE, France, July 8, 2007 - The head of the European Central Bank on Sunday called the success of the euro currency "remarkable" and lauded reductions in unemployment levels throughout the continent.

AIX-EN-PROVENCE, France, July 8, 2007 - The head of the European Central Bank on Sunday called the success of the euro currency "remarkable" and lauded reductions in unemployment levels throughout the continent.

Jean-Claude Trichet said Europe currently has its "lowest unemployment level in 25 years", adding that "to deny that economic and monetary stability is at the heart of the success would be an enormous error".

Speaking to a group of students and economists, he talked of "the euro's remarkable success in Europe and worldwide".

Trichet's comments came ahead of a meeting with French President Nicolas Sarkozy, who has attacked the ECB's monetary policy.

Sarkozy has frequently criticised the bank's focus on inflation and wants a higher profile for the Eurogroup of finance ministers to act as a counterweight, much to the concern of Germany, which is deeply attached to the ECB's independence from politics.

In an unprecedented move, the newly elected right-wing leader is to attend a Eurogroup meeting on Monday to outline his controversial budget policy.


Copyright AFP

Subject: French news

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