By Culturekiosque Staff
DAVOS, SWITZERLAND, 28 JANUARY 2011 Yesterday, French
President Nicolas Sarkozy said that France and Germany would never allow
the euro to collapse and warned currency operators that they would be
taking huge risks if they speculated against it.
In an address to global business, financial and political leaders at
the World Economic Forum Annual Meeting in Davos, he said the euro was an
integral part of the European identity and of the drive to unity and
cooperation on the continent that had ensured peace and turned old enemies
into close friends.
"Never, listen to me carefully, never will we turn our backs on the
euro, never will we drop the euro," declared President Sarkozy, saying
that he was speaking also for Chancellor Angela Merkel of Germany,
"The euro is Europe," he said. "We will never let the euro be destroyed
It is not simply a monetary or an economic issue. It has to do with our
identity as Europeans."
Responding to a question on the future of the currency now used by 17
members of the 27-country European Union, he said he had been reading wild
predictions that the currency would collapse for several months, but noted
that they were now dying down.
"For those who would like to speculate on the euro, I say: Be Careful,"
President Sarkozy, current Chairman of the Group of 20 nations, told
participants. The European Union has set up a mechanism that would back up
the currency in any crisis."The euro is of such overwhelming importance
that we will be there whenever it needs to be defended."
The results of a collapse "would be so cataclysmic that we cannot even
think of it, nor even play around at thinking about it," he added.
For more information about the Annual Meeting 2011: http://wef.ch/Davos2011
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