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Competitiveness matters more than euro strength: French finance minister
[March 10, 2014]
PARIS (Reuters) — Competitiveness in France and Europe must be improved
regardless of how strong the euro is, France's finance
minister said on Sunday, in a rebuttal to critics who
blame the currency's rise for French firms' export woes. Several French politicians and companies including carmaker Renault <RENA.PA> and energy management firm Schneider Electric <SCHN.PA> have in recent months raised flags over the impact of the euro's strength on profits. |
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"The euro is at a high level...(But) we must not
make a scapegoat out of currency," French Finance Minister
Pierre Moscovici told BFM TV. "What we must first restore is the health of our companies,
their competitiveness...The euro's strength must not be a
scapegoat or a pretext to avoid reforming Europe and France." France's trade deficit, which hit a record of 74 billion euros
in 2011, is one of the signs of French firms' loss of
competitiveness on international markets. Although it has got
smaller since then, figures suggest this is mainly due to
exports falling less quickly than imports. French Industry Minister Arnaud Montebourg has called for a more
aggressive push from Europe and the European Central Bank to
bring down the euro's value in order to boost exports. (Reporting by Jean-Baptiste Vey; writing by Lionel Laurent; editing by Anna Willard) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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