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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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza