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| Version 0 | Version 1 |
|---|---|
| Euro strength to top finance ministers' meeting | Euro strength to top finance ministers' meeting |
| (about 2 hours later) | |
| France is set to voice concerns about the strength of the euro at a meeting of eurozone finance ministers later. | France is set to voice concerns about the strength of the euro at a meeting of eurozone finance ministers later. |
| French Finance Minister Pierre Moscovici is worried that the rising single currency is making the country's goods less competitive. | French Finance Minister Pierre Moscovici is worried that the rising single currency is making the country's goods less competitive. |
| The euro has risen by 6% against a basket of other currencies in the past six months. | The euro has risen by 6% against a basket of other currencies in the past six months. |
| But with other countries also wanting to weaken their exchange rates, there are renewed fears of "currency wars". | But with other countries also wanting to weaken their exchange rates, there are renewed fears of "currency wars". |
| Japan has also moved to force down the value of the yen. | Japan has also moved to force down the value of the yen. |
| Last week, Mr Moscovici called for the European Central Bank (ECB) to consider setting a target for the single currency - steering it lower when the value got too high. | Last week, Mr Moscovici called for the European Central Bank (ECB) to consider setting a target for the single currency - steering it lower when the value got too high. |
| But both Germany and the ECB are against such a move, arguing that the central bank's mandate is to ensure price stability and not to manage currency markets. | But both Germany and the ECB are against such a move, arguing that the central bank's mandate is to ensure price stability and not to manage currency markets. |
| However, ECB President Mario Draghi was widely thought to be trying to talk down the euro at his interest rate press conference last week. | |
| "The exchange rate is not a policy target but it is important for growth and price stability," Mr Draghi said in response to a question. | "The exchange rate is not a policy target but it is important for growth and price stability," Mr Draghi said in response to a question. |
| "We will closely monitor money market developments." | "We will closely monitor money market developments." |
| Daragh Maher, a senior currency strategist at HSBC, told the BBC that France was probably more "twitchy" because numbers were showing its competitiveness to be declining. | Daragh Maher, a senior currency strategist at HSBC, told the BBC that France was probably more "twitchy" because numbers were showing its competitiveness to be declining. |
| Today's Eurogroup meeting - attended by eurozone finance ministers - is the first to be hosted by the Netherlands. Financial aid to Greece and Cyprus is also likely to be discussed. | Today's Eurogroup meeting - attended by eurozone finance ministers - is the first to be hosted by the Netherlands. Financial aid to Greece and Cyprus is also likely to be discussed. |