German chancellor out on the campaign trail with election next month
- German politicians do not influence FX rates, we avoid unfair trade practices
- we do not see trade surplus as too dramatic
- we are pleased about German competitiveness
Looked at the ol' FX scoreboard lately Angie? Slowly losing that competitive FX edge eh?
Merkel was out with similar comments last Wednesday.
Also from her electioneering this morning:
- would be an important reform to transform ESM bailout fund into a European Monetary Fund
- EMF would bring more stability to Eurozone
- have nothing in principle against a European finance minister, just have to nail down thw responsibilities
- could imagine both a European finance minister and economy minister to do more for EU's competitiveness
- latest EZ data is positive
- Greece in a much better place than a year ago
Meanwhile EURUSD 1.2039 in a dip through 1.2050 in still fragile conditions.
EURGBP down to 0.9283 from 0.9307 and underpinning cable.
So Angie, what's all this talk about an EMF ?
