French Prime Minister Urges ECB to Lower Valuation of Euro
French Prime Minister Manuel Valls has asked the European Central Bank to devalue the Euro in order to deal with the deflation risk in the European Union. ECB President Mario Draghi has given strong signals during the monetary policy announced in June.
The next course of action will be decided at the September 4 monetary policy meeting in Frankfurt. ECB President Draghi will also meet the French President Francois Hollande tomorrow in Paris.
The problems for European Union have not ended as Italy and Spain are still facing tough times and consumer confidence in Germany has declined in the latest released numbers. Germany is still pushing for debt reduction.
The deflation risk in the European Union will put further pressure on ECB. The inflation in 18-countries using Euro declined to 0.3 percent in August compared to 0.4 percent during July. The inflation reduced to 0.5 percent in Spain during August.
A recent report published in Reuters has suggested that Central Bank could continue with its wait-and-see policy and is unlikely to announce any measures in upcoming policy meeting on September 4.
Euro has witnessed a decline against USD and other major currencies in the past three months. The Euro closed near its yearly low against USD in August.
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