News and Reviews European Economic Zone

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News and Review of European Economic Zone

 

European Markets Respond Positively News Nominations Yellen

Wednesday, October 9, 2013

 

The majority of European stocks managed to wipe out losses to then traded higher on Wednesday , following news that U.S. President Barack Obama will announce a candidate Janet Yellen as the next chairman of the Federal Reserve . Obama is scheduled to announce the nomination of the Chairman of the Fed on Wednesday night or Thursday morning Indonesian time .

 

With tenure Ben S. Bernanke is going to expire in January, the nomination of a known Yellen dovish view on monetary policy has brought fresh air to the market participants . Investors hope Yellen would not rush slows Fed stimulus programs that have sustained the risky assets , including stocks , in recent years .

 

However , global market sentiment continues to be overshadowed by worries about the U.S. debt default risk . Congress still has 9 days to raise the debt ceiling , in order to ensure the availability of government funding to pay off maturing debt .

 

Germany's DAX and CAC40 French managed to get back into the green zone , with each collecting 0.2 % and 0.6 % . While the UK 's FTSE is still stuck around opening levels after the release of manufacturing output data worse than expected .

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News and Review of European Economic Zone (UK)

 

Bank of England kept interest rates at 0.5 %

Thursday, October 10, 2013

 

No surprises presented by the Bank of England on Thursday . In its latest monetary policy decision of the Bank of England is keeping interest rates at a record low of 0.5 % , which has persisted since March 2009 . The BoE also continue its asset purchase program at £ 375 billion ( $ 598 billion ) .

 

While the minutes of the meeting this time the new policy will be released on 23 October. Market participants expect the BoE will still cling to their future policy guidelines , the low interest rate environment will continue to be maintained at least until Britain's unemployment rate dropped below 7 % . A projected level would not be reached before 2016.

 

Nevertheless, a series of UK economic data has sparked fears that the financial markets strong recovery in the economy will push up interest rates earlier . BoE itself does not give an official statement after announcing the policy decision in October .

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News and Review of European Economic Zone (France)

 

French Industrial Output Grows 0.2%

Thursday, October 10, 2013

 

French industrial productivity rise recorded in August as output from automakers increased sharply, according to the national statistics agency Insee on Thursday.

 

Industrial output 2nd largest economy grew 0.2% Euro bloc in August, after a 0.6% decline in July. The numbers correspond to economists' forecast.

 

After a sharp decline of 6.9% in July, the French manufacturing output also recorded an increase of 0.3% as the production of cars and other transportation equipment jumped 8.6% in August.

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News and Review of European Economic Zone (UK)

 

Sterling Flat Post BoE policy announcement

Friday, October 11, 2013

 

Sterling was trading against the U.S. dollar tends to be flat, but must touch the 5-week lows versus the Euro, after the Bank of England keep interest rates unchanged at a record low of 0.5% and maintain the bond purchase target at £ 375 billion ($ 599 billion). While British gilts have recorded a decline for the first time in four days, as the fall of the U.S. Treasury on optimism a deal 'debt ceiling' erodes demand for the safest assets.

 

"Performance Sterling is still the best among the other G10 currencies, but we believe that the strengthening phase of the British currency has reached its peak," said Ian Stannard, head of European foreign exchange strategy at Morgan Stanley in London. "We expect Sterling will again be under pressure, and falls to a range of $ 1.51 next year."

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News and Review of European Economic Zone (UK)

 

Sterling Strengthens Following Home Price Improvement

Friday, October 11, 2013

 

Sterling rose against the dollar, and reducing the weekly decline after data showed UK house prices rose to the highest level in the last month, adding to signs the recovery of the UK economy. The value of homes in the UK rose 0.5% to an average of 235 534 pounds in September from the previous month.

 

Sterling also strengthened earlier after BoE corresponding predictions keep interest rates at a record low of 0.5% and the purchase of assets worth 375 billion pounds. BoE will keep interest rates at record lows until the unemployment rate below 7%. Britain's unemployment rate is currently at 7.7%.

 

GBPUSD is currently trading at around 1.5980 with daily lows and highs 1.5966 1.6000.

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News and Review of European Economic Zone

 

Washington Supports Positive signals European stocks

Friday, October 11, 2013

 

European stocks closed higher amid positive signals from U.S. debt limit debate in Washington. President Barack Obama and Republican leaders held a meeting on Thursday seemed ready to end the political crisis that has led to the closure of most U.S. government offices and the probability of default.

 

In the conversation of President Barack Obama listens pennjelasan offered Boehner about the Republican proposal to extend the limits of the budgets in the short term. One senior Republican official said the possibility of an agreement will be reached on this day.

 

Britain's FTSE index closed up 0.88% to 6487.19, Germany's DAX adding 0:45% to 8724.83 and France's CAC edged 0:04% to 4219.98.

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News and Review of European Economic Zone

 

Expanding Euro Zone Industrial output in August

Monday, October 14, 2013

 

Factory output in the euro zone to grow back stronger than expected in August , scoring the strongest expansion in more than 2 years was triggered by a rebound in the entire sector . The level of industrial production in the euro bloc surged by 1.0 % in August , after an upwardly revised to show penuurnan 1.0% in July , according to European Union statistics office Eurostat on Monday . Economists expect output to rise by 0.8 % , following a decline of 1.5 % in the previous month . Compared with last year , the level of industrial production fell by 2.1 % in August after an upwardly revised to show a decline of 1.9 % in July .

 

Region with a 6.5 trillion euro economy is emerging Dair economic slump for 18 months but recovery still seems to be slow as the state - negarnaya still facing unemployment rate is at a record high , the low level of confidence in the market , and the impact of monetary tightening . The level of production of capital goods increased by 2.4 % in August after falling as much as 1.8 % in the previous month , while the production of durable goods , such as electronics and automobiles , climbed as much as 0.8 % from a decline of 1.8 % in the previous month .

 

Output on four of the five largest economies in the euro bloc rose apda in August , only Italy that recorded a decline of 0.3 % . Italian industrial output unexpectedly falls for second month in August , dimming hopes that the country 's third-largest economy in Europe to rise from the longest recession in the third quarter . Largest economy in Europe is Germany , which is in the process of forming a new coalition led by Chancellor Angela Merkel , kenaiakn reported by 1.8 % and France increased by 0.2 % , after falling for three consecutive months . Germany , France , and Italy includes two- thirds of the level of the euro zone industrial production as a whole . Portugal will end the international financial aid programs depat year , scoring an increase of 8.2 % in August , the largest increase in 2 years .

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News and Review of European Economic Zone (UK)

 

UK Stocks Flat Amid Investor Moves Fiscal Monitor U.S. Negotiations

Monday, October 14, 2013

 

UK stocks were little changed , after a weekly gain for the FTSE 100 index , as U.S. lawmakers continue to discuss the debt limit to rise with time left only three days away .

 

Travis Perkins Plc stocks rallied to its highest level in at least 22 years after the analysts recommend the stock. Croda International Plc shares fell as much as 1.8 % after JP Morgan Chase & co . downgraded the manufacturer of the world's second largest cosmetics . Meanwhile Johnson Matthey Plc shares rose as much as 4.4 % after JP Morgan advised investors to buy shares.

 

FTSE 100 index increased by 7.81 points , or 0.1 % , to 6.495 today . Index rose by 0.5 % in the last week as the U.S. House Republicans proposed a short- term increase in the debt limit and optimistic attitude towards the growth of Janet Yellen , who is a candidate next chairman of the Federal Reserve , in which he was in no hurry to withdraw stimulus .

 

U.S. Senate leaders continue to negotiate to reach an agreement over how to end the fiscal impasse before the Treasury reaches the debt limit on October 17 . Senate majority leader reid Herry said yesterday that he had a productive conversation with Senate minority leader Mitch McConnell , although they have not been able to reach conclusions on the plan which will be sent to the Assembly Democrats for voting .

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News and Review of European Economic Zone (Germany)

 

German Investor Sentiment Rises in October

Tuesday, October 15, 2013

 

German investor confidence rose for the third month in October , signaling that the recovery in Europe's largest economy firmly in the face of shocks in financial markets triggered by the U.S. fiscal deadlock . The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations of hers , which aims to predict economic developments six months ahead , rose to 52.8 from 49.6 in September . This result was the highest since April 2010 and higher than economists forecast to remain stable at 49.6 .

 

German business confidence level institute Ifo survey rose to its highest level in 1 1/2 years in September , as the unemployment rate remained at a low level near 2 decades and the data signaling the euro zone recovery is continuing. At the same time , the U.S. government shutdown and default risk and risk hurting financial markets hamper growth rates in Europe . " The ZEW index today gives the impression that the analyst believes that the German perkeonomian immune , " Carsten Brzeski , senior economist at ING Groep NV in Brussels . " Dark clouds are coming from the other side of the Atlantic is still not disturb the analyst optimism . "

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News and Review of European Economic Zone

 

Euro and Pound Dollar Drops Buy Related Actions

Tuesday, October 15, 2013

 

Euro and Sterling fell sharply even though the data reported German ZEW economic sentiment positive, but rumors of the debt ceiling deal sparked speculation of dollar purchases.

 

So far the pairing EURUSD fell -0.27% to 1.3523, while GBPUSD dropped -0.09% traded at 1.5967. While commodities Gold also hit hard by the strengthening dollar so far this factor fell -1.30%, at $ 1,255.50 per troy ounce.

 

Some U.S. policy makers claim that nearly reached a deal to raise the debt ceiling and end the U.S. government shutdown. Although investors had worried about the consequences of the U.S. bond default, but managed to recover confidence that Dollar getting solid demand.

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News and Review of European Economic Zone (Germany)

 

Green Party coalition with Merkel's Not Interested

Wednesday, October 16, 2013

 

Green Party was not interested in a coalition with the party led by the Chancellor of Germany . This means that the party Christian Democrats ( CDU ) led by Chancellor Merkel's conservatives will be more focused negotiations with the Social Democrats ( SPD ) to form a coalition government . After negotiating for 6 hours , the lack of similarity concluded Green Party stance on energy , climate change , and taxes . " Green Party does not seem interested to join the coalition . SPD We will try to approach the meeting tomorrow , " said Hermann Groehe , CDU party officials .

 

Chancellor Merkel is still looking for partners to ensure the coalition government's policy will be easy to pass in parliament . Survey shows German people prefer Merkel coalition with the SPD as the period 2005-2009 . However, the SPD seems to try not to be soft with the CDU . SPD officials have talked with officials of other parties CDU and Christian Social Union ( CSU ) on Monday . Although SPD uttered still want to continue negotiations but also express SPD can say " no" to Merkel .

 

Meanwhile , the euro fell in early Asia . EUR / USD is now trading 1.3509 ; trying to stay away from daily highs 1.3527

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News and Review of European Economic Zone (Spain)

 

Spain Optimistic There Will Extend Assistance Program

Wednesday, October 16, 2013

 

Spain is likely to put an end to an international aid program for banking according to plan this year , said Economy Minister Luis de Guindos told a news conference in Luxembourg on Tuesday . Last year , the Madrid requested European aid worth 41 billion euros ( 56 billion dollars ) to help its banks are weak , hit hard by the collapse of the real estate market and lead to a lot of failed loans to developers and homeowners . With the economic situation in Southern Europe showing signs of recovery , a senior official in Brussels said that Spain is unlikely to ask for additional financial support to the banking sector when the current program ends .

 

" The main scenario , and maybe just the only one , was on November 15, will be decided that the Spanish banking aid programs will end , " de Guindos said at a meeting of EU finance ministers . European Central Bank and European Commission are the source of such assistance , last month said in my review of the Spanish banking reform that the sector is still quite strong, and praised the recovery of the sector . However , they stressed that the Spanish economy is still trying to get up from the 2 -year long recession at the end of the year and the slump in borrowing levels may still pose a risk .

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News and Review of European Economic Zone

 

Improved , New Car Market in the European Region

Wednesday, October 16, 2013

 

The number of new car registrations in the EU rose 5.4 % in September 2013 , compared to the same period last year . European car industry as a parameter , the data for new car registrations reflect a recovery in consumer purchasing power after five years mired in lethargy .

 

New car registrations rose Daata 1:16 million units , in which the ratio of the largest increase was in the South European region . Although many countries are still facing an economic crisis in the region , the ratio of increase in the third quarter was the first time this has happened since 2008 . In July , new car registrations rose 4.9 % before declining further 5 % in August . News of the improved purchasing power of consumers is great news for automotive companies that have destroyed in the region 's debt crisis . Manufacturers such as General Motors Co. , Adam Opel , PSA Peugeot Citroen , Fiat SpA and Ford Motor Co . believed to be more aggressive expansion in the future after the losses they have suffered . Most of the companies that do a variety of strategies to save his business in the last five years , including by closing plants , cutting the number of workers to lay off employees for the time being .

 

Consumer and automotive manufacturers Eurozone experiencing hard times amid the region 's debt crisis . In some areas , even reduced sales because of other reasons such as changes in people's habits and population decline . For the last year alone , the number of new car registrations in the EU area almost a quarter below 2007 levels .

 

In September , the number of new car registrations increased due to an increase of 29% in Spain . While the ratio of the increase in Hungary , Ireland and Portugal each rose 32 % , 28 % and 16 % . Renault S.A. and Mercedes - Benz maker Daimler AG became leader of the increase with the rate of 22 % and . While the number of new car registrations brands Fiat and Citroen fell 3.4 % 2.9 % .

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News and Review of European Economic Zone

 

ECB: Euro Zone Current Account Surplus Rises

Thursday, October 17, 2013

 

Euro zone current account surplus recorded a rise in August, after a contraction in August, according to a report the European Central Bank on Thursday.

 

Current account surplus rose to € 17.4 billion at ($ 23.5 billion) in August from a surplus of € 15.5 billion in the previous month. Merchandise trade surplus 17-nation bloc also increased to € 14.7 billion from € 11.1 billion in July, as exports continued to exceed imports.

 

Trading positions southern European countries also indicate if they have grown to be more competitive, partly due to lower corporate costs for goods and labor than the stronger-performing economies like Germany.

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News and Review of European Economic Zone

 

Eurozone Inflation Drops to 3-1/2 Year Low Level

Thursday, October 17, 2013

 

Eurozone inflation rate fell as expected in September to its lowest level in 3-1/2 years as inflationary pressures continue to abate amid weak economic recovery and low domestic demand . The rate of consumer inflation rate in the euro zone fell to 1.1 % in the annual rate in September , the lowest level since February 2010 when at the level of 0.8 % , according to the EU statistical office Eurostat on Wednesday . Data down from 1.3 % in August and well below the target inflation rate of the European Central Bank ( ECB ) by 2 % .

 

Prices rose 0.5 % from August , as the 0.4 % decline in the price of food , alcohol and tobacco and a decrease of 0.9 % on the price of services covered by a 3.4 % increase in the price of non - energy industrial goods . Volatility of energy prices rose by 0.5 % in September . ECB Executive Board member Peter Praet on Tuesday said inflation in the eurozone is still limited in the medium term , until 2015 . Of environmental with lower inflation levels allow the ECB to maintain a very loose policy with interest rates being at a record low of 0.5 % and the ECB said repeatedly that it is ready to react if the economy needed further encouragement policy .

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News and Review of European Economic Zone (UK)

 

UK Unemployment Rate Stable , Unemployment Claims Down

Thursday, October 17, 2013

 

Britain's unemployment rate was steady in the 3 months to August but the sharpest drop in more than 16 years in the amount of jobless claims show labor market continues to recover . The unemployment rate is at 7.7 % in the period from June to August , unchanged from May-July period , according to the Office for National Statistics on Wednesday . Economists expect the unemployment rate unchanged at 7.7 % .

 

In hopes to encourage the recovery of economic, England , the Bank of England in August said it would not consider raising interest rates before the unemployment rate dropped to 7 % . Bank of England estimates that it will not happen until the third quarter of 2016. However, investors expect the unemployment rate will go down much faster and many are betting the bugna rate hike as early as 2015 .

 

Data on Wednesday showed the number of jobless claims fell more than expected in September amounted to 41.700 , which is the largest monthly decline since June 1997 . Data last August were also revised to show a decline of 41,600 , down 9,000 from a previously reported . Although the UK labor market improves, many people who work do not see any progress on their living standards .

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News and Review of European Economic Zone (Germany)

 

Merkel Assess Coalition With SPD

Friday, October 18, 2013

 

Conservative party , led by Chancellor Merkel will start negotiations with the Social Democrats ( SPD ) to form a coalition government Germany . Officials from both sides have met and have enough in common , especially with the increase in public investment and the introduction of the minimum wage . If the coalition successfully formed it will be easier to pass Merkel policies that require parliamentary approval of the Bundestag and Budestrat .

 

SPD leader Sigmar Gabriel , mengarakan negotiators from his party strongly supported the dialogue process with Merkel . It certainly increases the chances of the party's ability to persuade Gabriel to join Merkel's coalition government . If Gabriel can get the support of 200 SPD officials at a weekend meeting in the final negotiations on policy and cabinet posts to begin next Wednesday . However, the process of formation of the new government will likely take a month to remember the difficulties in negotiations .

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News and Review of European Economic Zone (Italy)

 

Monti Out Party Coalition Government Supporting Italy

Friday, October 18, 2013

 

Former Prime Minister of Italy , Mario Monti , came out of the Civic Awards party as a form of criticism of the Italian government budget for 2014. Monti meritorious enough to improve the economy after Italy was in danger of falling into the abyss of debt crisis . Although the Civic Awards party was a small party in Italy , but with the release of the Monti may arise question Italy 's ability to tackle its debt problems .

 

Italy has released the government budget for 2014, but the budget is getting a lot of criticism even from members of the party led by Prime Minister Enricco Letta . This certainly confirms the political risks in Italy and raises the risk of government failure to loloskan budget of the parliament . Monti saw the budget does not include the necessary economic reforms . Meanwhile , thin weakening euro recorded in the early Asian session . EUR / USD is now trading 1.3660 , down 10 pips from the opening level of 1.3671

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News and Review of European Economic Zone (UK)

 

BoE's Dale: Interest Rate Increase Opportunities in 2014 Very Small

Friday, October 18, 2013

 

Bank of England is unlikely to raise interest rates next year in line waiting for the prolonged growth rate first, according to the Bank of England chief economist, Spencer Dale on Friday. "I think it is highly unlikely we will raise interest rates in 2014. We should see a strong growth rate and lasts longer," said Dale through the Twitter platform.

 

Dale also said the clause that can undo instructions of the BoE interest rate seems not to exist as wage inflation is still low and housing transactions. Earlier this week Dale said in a newspaper interview that interest rates will gradually rise in 2014 if the higher growth rate and productivity is lower than the central bank's forecast.

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News and Review of European Economic Zone (Germany)

 

German Chancellor Continues to Strive Coalition With SPD

Monday, October 21, 2013

 

Delegates Social Democratic Party ( SPD ) has approved the decision to review the coalition with the German Chancellor , Angela Merkel . 85 % of 229 delegates SPD approved the coalition negotiations that will begin on 23 October, a day after the Bundestag did his first post-election session . "The coalition may not be achieved if there is a gap . However , after deciding to negotiate a coalition then the goal is how the success of the coalition , " said Chairman of the SPD , Sigmar Gabriel .

 

Merkel's party , the Christian Democrats , and its affiliates CSU has won 42 % of the vote on 22 September last election but they still lack the five seats in parliament . If the SPD agreed to a coalition so this will be a grand coalition government so as to make it easy to carry out its policies . However, the SPD has confirmed the desire of implementation of minimum wage and investing their infrastructure as a condition of the coalition . Gabriel utaraakn can form a coalition government cabinet at the end of the year .

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News and Review of European Economic Zone (UK)

 

London House Prices Rise 10 %

Monday, October 21, 2013

 

House prices in London rose 10 % for the month of October as rising demand amid low supply is property in the British capital . Rightmove survey shows house prices in London rose £ 50,484 to £ 544,232 due to increased demand from overseas investors . Real estate agents even reported high interest in buying the stock , making almost nothing . " London is a world city which investors view real estate as a safe haven asset amid reduced supplies , " said Director of Rightmove , Miles Shipside .

 

However, Rightmove said the surge in property prices will not be sustainable . The increase is more of an adjustment to the price decline of 2.8 % and 1.5 % in the previous two months . BoE monetary board member , Martin Weale , also express concerns about the high activity in the property sector . For the national level , house prices in the UK only please register rise 2.8 % to £ 252,418 ; however better than the 1.5 % decline in September.

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News and Review of European Economic Zone

 

Eurogroup Slovenia Continue Support Reform

Monday, October 21, 2013

 

Head of the group of eurozone finance ministers said the bloc is ready to support Slovenia , but Slovenia should not deviate from the path of fiscal reforms , according to newspaper reports . Jeroen Dijsselbloem , who will discuss the reforms and rescue troubled banks in Slovenia by the government in Ljubljana on Monday , said the government's credibility is likely to be reduced if the level of deficit and debt increases . " For Slovenia it is important to maintain access to financial markets , " he said in an interview with the daily Delo .

 

Kunjugan Dijsselbloem is a first visit to the Slovenian , who are facing bad credit around 7.9 billion euros ( 10.9 billion dollars ) in most of the banking sector, the government , trying to avoid becoming the next euro zone country to ask for international help.

 

Dijsselbloem , who is also the finance minister of the Netherlands , refused berpsekulasi whether Slovenia will need help . " We must continue its efforts to support Slovenia . Speculation regarding the possibility of a bailout is not helping , " said Dijsselbloem . Mengatkan government reforms including tax increases , spending and privatization pemangkasa will help prevent his country from the bailout . "The bank itself is responsible for this difficulty as well as shareholders and investors . Next is a government that can invest in bank capital , " said Dijsselbloem . " If and only if the government can not do it alone , then the ESM ( European European aid funds ) will intervene . "

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News and Review of European Economic Zone (UK)

 

BoE's Bean : UK Stronger But Recovery Still Slow

Tuesday, October 22, 2013

 

Britain's economic recovery is likely to be stronger and last a long time but it is likely to remain slow , says Bank of England deputy governor Charlie Bean on Tuesday . "The economy is showing signs of strengthening ... but the pace of recovery still seems to be running pretty slow by historical standards , " he said in a speech to the Society of Business Economists in London .

 

As a result , he said it may take quite a long time before the economy can recover fully from the effects of post-financial crisis - which therefore indicates that the central bank interest rates likely will not rise in the near future . But this message is not received for the all parts of the financial markets , with the yield on UK government bonds with short- term bonds are linked to the U.S. .

 

" Market participants may not fully understand the bugna rate decisions will be driven by the domestic outlook , " Bean said , though he added that the increase in yield is quite reasonable considering the UK economic data improved . Bean said the return of economic growth can last a long time because " British Banking sturdy enough to provide the loans needed to support the recovery " . The second , the euro zone " is no longer in crisis . "

 

Limits on the level of the unemployment rate of 7% set BoE before considering raising interest rates can be lowered if inflationary pressures fade , Bean added , which tend to support the majority of the BoE Monetary Policy Council . " If it seems there are still weaknesses in the economy ... then maybe the current monetary policy stance will be maintained much longer , probably reduced the extent of the unemployment rate to a lower level again , " he said .

 

Bean also said there was no signal inflate house prices in the UK as a whole , kendata recent data is showing an increase of 10 % per year in London . England is government can raise the cost of mortgages if the home loan scheme Help to Buy push up house prices rather than increasing supply , Bean added . BoE will conduct a review of the scheme in September 2014 . Many economists have said that the assistance dtawarkan for home buyers who are not able to deposit large amounts may be pushing up house prices than the trigger level of home construction .

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News and Review of European Economic Zone (Greece)

 

Greece Must Reform Runway To Trigger Growth rate

Tuesday, October 22, 2013

 

Greece has made progress in addressing fiscal issues but should increase the pace of implementation of structural reforms and improving the efficiency of public administration to trigger growth , according to the European Commission on Tuesday . Athens has asked for international aid since 2010 , with a loan granted on condition of spending cuts and reforms . After more than 3 years undergoing severe economic adjustment , the government has repeatedly refused to enact a new policy tightening in the country is now in recession for six years .

 

The European Commission , together with the International Monetary Fund and the European Central Bank , has emphasized the importance of rapid structural reforms to help Greece to recover . Refers to a report , the European Commission refers to the tax system needs to function properly , a central public administration reform and the creation of business environments that support and predictable .

 

"The rate of growth and job creation is only possible with enterprise - perusahana provide ease of access to liquidity and the market , " said European Union officials on Fifth Activity Report Greece . Greece is expected to return to growth next year , currently ranks with international creditors about the size of the state budget deficit next year , sparking rumors that Athens may be forced to adopt a new policy tightening .

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News and Review of European Economic Zone (France)

 

France Urges ECB To Controlling Euro Exchange Rates

Tuesday, October 22, 2013

 

France hopes the European Central Bank to immediately adjust the exchange rate of the Euro against the U.S. Dollar which have been too high , according to news daily Le Parisien quoted comments of the Minister of Industry of France.

 

" Our European partners must understand that the threat of the return of the recession still awake , " said Minister of Industry , Arnaud Montebourg . " The euro exchange rate against the U.S. dollar was too strong , but weakened about 10 % would boost state finances by 1.2 % , creating about 120,000 jobs and reduce our deficit by € 12 billion ( $ 16.44 billion ) . While for weakening Euro 20 % could help create about 300,000 jobs and cut the deficit by a third . "

 

"France wants the ECB to adopt a similar policy to what other governments , particularly those aimed at controlling the exchange rate in the interest , " he added .