Wednesday, October 3, 2007

European urges U.S. to curb fall of dollar

FRANKFURT: The chief political spokesman for the euro has added his voice to demands for the United States to make a greater effort to curb the dollar's strong fall - presaging tense times at the Group of 7 meeting this month in Washington.
Jean-Claude Juncker, who heads the group of finance ministers from the 13-nation euro zone, criticized the perceived indifference in Washington toward U.S. policies - including trade and budget deficits - that most economists believe are contributing to the intense downward pressure on the dollar.
"Europe cannot be the area of the world's economy that will bear the consequences of others' inaction," Juncker said late Monday, Reuters reported.
The statement from Juncker, who generally avoids speaking about exchange rates, represented the strongest evidence to date that European discomfort with the euro was spreading beyond France, where complaints about the euro's strength have increased since the election of President Nicolas Sarkozy.

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