EU official defends strong euro as good for economy
A senior European Union official, commissioner Joaquin Almunia, has defended the strong euro as good for the EU economy, according to the newspaper Berliner Zeitung.
The German newspaper's early account of an interview to appear on its pages Monday quoted him saying, “A strong euro is the best proof that the economy in the euro zone is functioning well, that it is highly regarded and that markets are very confident about its future.”
Almunia, who oversees economic and monetary policy, said the rise in the currency against the dollar was “not all that exciting” and mainly impacted on European business dealings with the dollar area of world trade. It had positive effects, such as making imports cheaper. He said his only concern would be if the dollar rate to the euro were to rise very rapidly, but there was no sign of that at the moment.
On Friday, the European Central Bank (ECB) published a reference rate of 1.3596 dollars to the euro. (monstersandcritics.com)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.