Sarkozy: Save The Dollar
Posted By: Dr. Frugal in Currency on 11/08/2007 at 07:40:11
Sarkozy's complaints that the U.S. currency's drop against the euro is undermining European competitiveness struck a discordant note in a summit intended to demonstrate an improving U.S.-French relationship. His comments came as the euro surged to a record high against the dollar. The currency touched $1.4731 today, a 65 percent gain since the end of 2001.
Concern that the euro is too strong has been a Sarkozy theme since his presidential campaign earlier this year. Since his May 6 election, he has urged European Central Bank officials to lower interest rates to weaken the currency.
As reported by Bloomberg. Say what you will about the French, but I think it's nice that they're taking up our cause. Granted, it's in their own best interest as the power of the Euro is starting to hurt them.
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