Thursday

28th Mar 2024

Euro close to record high value

The euro on Friday went a step closer to its 1999 record high value of $ 1.188 against the dollar, reaching $ 1.179.

Over the last 12 months the dollar has fallen 21.4% against the euro, making it cheaper for Europe to import oil and other goods but also more difficult to export.

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French Finance Minister Francis Mer said Thursday, according to CNN that the dollar was becoming too weak against the euro, and he urged the European Central Bank should cut interest rates to stabilise the exchange rate.

The French president, Jacques Chirac has also called for lower eurozone interest rates, in a speech ahead of the G8 summit in Evian, France in June.

The next meeting of the European Central Bank Governing Council will be on 5 June in Frankfurt.

'Swiftly dial back' interest rates, ECB told

Italian central banker Piero Cipollone in his first monetary policy speech since joining the ECB's board in November, said that the bank should be ready to "swiftly dial back our restrictive monetary policy stance."

Opinion

EU Modernisation Fund: an open door for fossil gas in Romania

Among the largest sources of financing for energy transition of central and eastern European countries, the €60bn Modernisation Fund remains far from the public eye. And perhaps that's one reason it is often used for financing fossil gas projects.

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