French Industry Minister Calls Euro “Too German”

France’s industry minister has said he wants the European Central Bank to adjust the euro to make struggling European companies more competitive.

In an interview with French daily newspaper Le Parisien, Arnaud Montebourg said the central bank should do what every government does: “Adjust the rate in our interest.”

“The euro is too expensive, too strong and a little too German,” Montebourg was cited as saying. “It should be a little more Italian, French, and simply European.”

A drop of 10 percent in the euro/dollar exchange rate would increase France’s national wealth by 1.2 percent, create 120,000 jobs and reduce its deficit by 12 billion euros ($16.44 billion), he said.

If the euro fell by 20 percent, it would create 300,000 jobs and reduce the country’s deficit by one-third, Montebourg added.

via CNBC

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