Euro is "too German" says French industry minister

Frustration over the current state of the Euro was given a voice on Tuesday, in the form of French industry minister, Arnaud Montebourg.

In an interview with French newspaper Le Parisien, Montebourg said:

The euro is too expensive, too strong and a little too German.

It should be a little more Italian, French, and simply European.

The minister claimed that a 10 per cent decline in the euro-dollar exchange rate would add 1.2 per cent to French GDP, reduce the deficit by £10bn and create 120,000 jobs.

If the currency devalued by 20 per cent Montebourg claimed 300,000 French jobs would be created and the nation's deficit could be cut by a third. The minister complained that:

Europe is the only region in the world which, five years after the crisis, has not returned to growth.

France's socialist government has fallen in popularity due to announced spending cuts and poor economic performance. The French economy has been struggling with high unemployment and weak growth, projected be 0.1 per cent in the third-quarter.

The German economy is a stark contrast, with unemployment under six per cent and a planned structurally balanced federal budget.