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(Blaesheim) Franco-German meeting statements made by M. Nicolas SARKOZY, President of the Republic, during his joint press conférence with Mrs Angela MERKEL, Chancellor of Germany (excerpt)

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Toulouse, 16 July 2007

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EURO/MONETARY DUMPING

Q. – Chancellor Merkel, President Sarkozy, you've just been talking about your shared views on the euro. But are you both satisfied with the current rate of the euro?

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THE PRESIDENT – I firmly believe that the problem isn't the euro's value but the value of the other currencies. This is a point of agreement between us, a very important one. Secondly, just one comment to anyone surprised at us talking about this: I'd like to remind you that article 111 of the Treaty provides that the Council "may formulate", I quote "general orientations for exchange-rate policy". So it isn't illegitimate for us to have a discussion on a subject which doesn't call into question the European Central Bank's independence. I'd even say that it doesn't call into question the level of the euro, but rather the monetary dumping carried out by other parts of the world. So there you are, I believe it was very important for us to talk this over and to find a common course of action. What the G8 president has just said on her desire to look at these matters clearly shows there's a problem, but with other currencies, a situation everyone is familiar with. (···)./.

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