MercoPress. South Atlantic News Agency

Weakening Euro “good for Europe”; 1 Euro/ US dollars parity “not far”

French Prime Minister Francois Fillon

French Prime Minister Francois Fillon said that the weakening Euro was good for Europe. “I currently see only good news regarding the euro-dollar exchange rate” Fillon said at a press conference in Paris with Canadian Prime Minister Stephen Harper.

“We have been complaining for years that the exchange rate does not reflect the reality of the two economies and heavily impedes our exports.”

Last Friday, the Euro hit a four-year low of 1.206 dollars.

Most economists agree with Fillon, and see the Euro falling to parity - that is 1 Euro worth 1 dollar - by the end of this year.

Mr Fillon said he saw only “good news” in euro-dollar parity. But a later clarification said the reference to “parity” was about the general evolution of the two currencies' exchange rate.

The Euro also tumbled to a record low against the Swiss franc as well, falling to 1.3865 francs. Like the US dollar, the Swiss franc is also perceived as a relatively safe currency in times of economic uncertainty.