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To: Haim R. Branisteanu who wrote (173110)	6/16/2002 1:25:13 PM
From: Haim R. Branisteanu	Respond to of 436258

G7 MEETING Germany's Eichel says euro zone 'in favour of strong euro' HALIFAX, Canada (AFX) - Euro zone governments want the euro to be strong, German Finance Minister Hans Eichel said. "The euro zone is in favour of a strong euro," he said at a news briefing following the G7 finance ministers' meeting. Eichel said he is not concerned about any possible negative impact on euro zone exports as a result of the euro's rebound. "There is absolutely no reason to have any worries about this," he said. "A strong euro and low interest rates is an economic combination which is more beneficial than the opposite would be," he said. The euro's recovery will contain imported inflation pressures and this will help the European Central Bank to hold interest rates steady, he said. Despite his comments, Eichel said the G7 finance ministers did not formally discuss exchange rates at their meeting. © AFX News ananova.com

To: Haim R. Branisteanu who wrote (173110)	6/16/2002 4:56:48 PM
From: smolejv@gmx.net	Read Replies (1) \| Respond to of 436258

>>Against this background, there is much concern that a rapid appreciation of the euro on the exchanges would significantly damage the region’s competitiveness.<< The effect of export has been pretty much sterilized. Note that still the biggest export partner of Germany is France, and that's no foreign export anymore. I think USA is somewhere at 20% of net exports for Germany. To put it figuratively, only one in five beamers go to US.