Currency Wars: Why Is The French Industry Minister Rooting For The Devaluation Of The Euro

Photo Credit: The BlazeFollowing his embarrassing brush with U.S. CEO Maurice Taylor, French Industry Minister Arnaud Montebourg has turned to the devaluation of the euro as a means of saving France’s battered economy.

No, really.

“France’s industry minister Tuesday called for a lower euro and said the European Central Bank’s [ECB] role should be reinterpreted, wading back into a currency debate that had been calmed by an agreement between the world’s top finance ministers earlier in the month to refrain from competitive devaluations of their currencies,” the Wall Street Journal reports.

“I am for a less-strong euro,” Montebourg said Tuesday, adding that it is “good news” the euro has declined against other currencies.

As noted in the WSJ report, the euro has fallen about 4.6 percent against the U.S. dollar since February:

“I am very happy, [the decline] should continue,” Montebourg added.

The report continues:

Earlier this year, French officials complained about the euro being too strong and making the country’s exports less competitive. In a speech to the EU parliament in early February, French President Francois Hollande said the euro shouldn’t be left to fluctuate according to the mood of the markets and warned that a strong euro wipes out efforts to make economies more competitive.

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