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Junker and Fillon defend euro

Junker and Fillon defend euro
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As the euro hit $1.30 on the weakness of the US currency, the chairman of the euro zone finance ministers group, Jean-Claude Juncker, said the euro “is not in danger” and that no country wants to leave the euro zone.

At the same time, speaking on a visit to Tokyo, French Prime Minister Francois Fillon said Europe’s debt crisis is due to the mismanagement of public finances and does not reflect weaknesses in the common currency system.

He told reporters: “Right now, the euro is still a strong currency and the Greek crisis is not a crisis of the euro. It is a sovereign-debt crisis, that we are in the process of resolving.”

Fillon also said a weaker euro actually helps Europe’s economy, by making exports from the region more competitive.

He implored Japanese companies and investors not to shun the euro, and said he agreed with Japanese officials that currency volatility is undesirable as it can adversely effect factory production and business investment.