Bos not worried about expensive euro

9th October 2007, Comments 0 comments

9 October 2007, LUXEMBOURG – Finance Minister Wouter Bos is "not worried" about the current high value of the euro. He said this in Luxembourg on Monday, prior to the meeting with his twelve colleagues, the EU finance ministers from the euro-zone.

9 October 2007

LUXEMBOURG – Finance Minister Wouter Bos is "not worried" about the current high value of the euro. He said this in Luxembourg on Monday, prior to the meeting with his twelve colleagues, the EU finance ministers from the euro-zone.

Bos pointed out that when the euro was introduced the euro-zone countries wanted it to be a strong currency. And that is what it is now, Bos said.

German Finance Minister Peter Steinbrück did not seem worried either.  "I prefer a strong euro," Steinbrück said.  "I love cash  and I like a strong euro," he added. France, on the other hand, is very concerned about the high rate as it is making exports expensive.

On Monday the ministers wanted to reach a joint standpoint that can be presented at the G7 meeting to be held in Washington shortly.  Bos said that he expected other power blocs to also present a solution to the "worldwide imbalances".

Bos's fellow party member Van den Burg (labour faction leader in the European Parliament) is however worried about the strong euro. "The expensive euro, in conjunction with the crisis on the financial markets, affects economic growth. That requires coordinated actions from the governments," Van den Burg said.  "Ministers cannot continue saying that the credit crisis is just a problem of the banks."

The euro was worth USD 1.41 on Monday, just a little below the record of last week Monday.

[Copyright Expatica News + ANP 2007]

Subject: Dutch news

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