Luxembourg’s Jean-Claude Juncker, who leads the group of euro-area finance ministers, said any skepticism about the fate of the euro currency is misplaced, Saarbruecker Zeitung reported.
“All those voices expressing doubt about the survival of the euro soon will fall silent,” Juncker said in excerpts printed in the newspaper from an interview with him that was broadcast on German SR television last night. “The euro isn’t at risk. And in 10 years’ time we will be paying with one of the world’s strongest currencies.”
A week after giving Ireland an 85 billion-euro ($113.6 billion) lifeline, European finance ministers in Brussels last night ruled out immediate aid for Portugal and Spain or an increase in the 750 billion-euro crisis fund, counting on European Central Bank bond purchases to calm markets.
“I don’t expect lasting effects for the euro exchange rate,” said Juncker, according to the newspaper. “The euro has remained relatively stable, despite a high volatility of exchange rates. Compared with the U.S. dollar or the Chinese currency, the euro is overvalued. It would even help the euro and our exports if it was weaker.”
“The euro isn’t in danger,” said Juncker in the interview, according to the newspaper. “We had no euro-crisis, we had a debt crisis in some member nations of the euro area.”