| Topic: |
Politics > Politics-USA |
| User: |
"Captain Compassion" |
| Date: |
25 Jan 2005 10:53:48 AM |
| Object: |
Europe asks Asia for euro help |
Europe asks Asia for euro help
The euro has been pushed higher and higher
European leaders say Asian states must let their currencies rise
against the US dollar to ease pressure on the euro.
The European single currency has shot up to successive all-time highs
against the dollar over the past few months.
Tacit approval from the White House for the weaker greenback, which
could help counteract huge deficits, has helped trigger the move.
But now Europe says the euro has had enough, and Asia must now share
some of the burden.
Flexibility needed
China is seen as the main culprit, with exports soaring up 35% in 2004
partly on the back of a currency pegged to the dollar.
"Asia should engage in greater currency flexibility," said French
finance minister Herve Gaymard, after a meeting with his German
counterpart Hans Eichel.
Markets responded by pushing the euro lower, in the expectation that
the rhetoric - and the pressure - is unlikely to ease ahead of a
meeting of the G7 industrialised countries next week.
Early on Tuesday morning, the dollar had edged higher to 1.3040 euros.
The yen, meanwhile, had strengthened to 102.975 against the dollar by
0730 GMT.
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"Why would I listen to losers?" -- Arnold Schwarzenegger
"Long term commitment in relationships is only necessary because it takes
so damn long to raise children. Marriage may well be some kind of trick
to keep the males around beyond sexual satiation." -- Captain Compassion
"Progress is the increasing control of the environment by life.
--Will Durant
Joseph R. Darancette
res0mp8t@NOSPAMverizon.net
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