EU economic commissioner: Strong euro won't stop European companies from winning

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Pierre Moscovici was formerly the French finance minister (Source: Getty)

Suggestions a strong euro is stymying the growth of European companies was today rubbished by Europe's economic commissioner, according to reports.

Pierre Moscovici, the former French finance minister, said he trusted the current monetary policy set out by the European Central Bank and its president Mario Draghi.

“One must stay calm," Moscovici said on the sidelines of a business conference in northern Italy, Reuters reported.

The current level of the euro clearly does not prevent our companies winning market shares, being strong, performing and competitive, and exporting.

Read more: Eurozone inflation perks up as investors await QE taper decision

The comments come as the pound slumped to an eight-year low against the euro at the start of the week.

EU countries have raised concerns that the strength of the currency hampering exports by making them comparatively more expensive.

The euro has risen steadily over the past year against most major currencies to reach levels not seen since September 2014, according to an index produced by the European Central Bank tracking the euro against a trade-weighted basket of currencies.

The euro broke through the $1.20 mark against the US dollar on Tuesday for the first time since January 2015. Recent events have created a “perfect storm” of factors boosting the euro against the dollar, according to Jennifer McKeown, chief European economist at consultancy Capital Economics.

Read more: Why is the euro surging against sterling and the US dollar?