French President Francois Hollande delivered an impassioned speech before the European Parliament in Strasbourg today decrying the strength and volatility of the euro exchange rate. This was the best indication that Hollande is feeling political heat because of France's poor economic performance. The result is he has joined the periphery to urge the ECB and Germany to adopt monetary and fiscal stances that promote growth.
Hollande explicitly warned that the euro's strength would harm fragile economies in Europe. L'Expansion quoted him as saying that the euro "cannot fluctuate according to the whims of the market. A monetary zone needs to have a policy of change because if not it will see an exchange rate imposed that does not correspond to the actual state of its economy."
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.