France's Sarkozy says euro too strong against dollar

13th January 2011, Comments 0 comments

France's President Nicolas Sarkozy said Thursday that the euro is still too strong against the dollar and the exchange rate is hurting French and European exports.

"Today it's better because we are at a euro-dollar rate of 1.29 to 1.30, but it is still too much," he told workers at a plant of plane-maker Airbus in southwestern France.

"I know perfectly well that 0.1 points more on the euro is a billion in costs for the company," he said.

Sarkozy said that as the current president of the Group of 20 and Group of 8 powers, France wants to reform currency and commodity markets and world governance.

He also vowed that he would not allow the euro to collapse.

© 2011 AFP

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