Merkel says no problem with euro

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German Chancellor Angela Merkel said Thursday the euro was a "stable currency" but some countries in the eurozone need to address their competitiveness.

"Let me tell you very clearly: we don't have a problem with the euro as such," Merkel said at a forum in Singapore.

"It is a stable currency, particularly if you look at it vis-a-vis the dollar."

But in an apparent reference to Greece and other eurozone members with debt problems, Merkel said the eurozone region had "a competition problem, a competitiveness problem."

© 2011 AFP

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