Monday, May 17, 2010

Eu Dear, eu dear .... EU DEAR!!!

Eurogroup meeting begins, link here: Brussels - The head of the 16-nation committee of euro area finance ministers lashed out Monday at German chancellor Angela Merkel for remarks she made over the need for stronger economic governance in Europe.Merkel said Sunday that a 750-billion-euro (924-billion-dollar) rescue package agreed by euro nations the previous weekend to keep countries from default had "done nothing more than buy time" to tackle differences in competitiveness and fiscal discipline within the group.Asked about the comments, Luxembourg's premier and Eurogroup president Jean-Claude Juncker did not mention Merkel's name directly, but said "certain people would do better to think before they speak."Speaking to reporters before the start of the euro area finance ministers' monthly meeting in Brussels, Juncker said the same people "would do better to keep their mouths shut."Merkel's words, seemingly questioning the eurozone's stability despite the huge amounts of money committed to shore it up, were said to have contributed to the euro's continued weakness on the exchange markets.On Monday the European single currency hit a four-year low, ending the day's trading at 1.2298 against the dollar.



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