Euro Bank Chief Defends Single Currency - by Chris Noon
European leaders have been falling over themselves to speak up over the Continent's single monetary policy.
In one camp there are the inflation worrywarts, European Central Bank President Jean-Claude Trichet and European Commission President Jose Manuel Barroso. Barroso has said that Trichet's decision to raise the key interest rate for the Eurozone--the group of European Union member states that has adopted the euro--is necessary to control inflation.
Trichet spoke up Wednesday, saying the euro was being unjustly used as a scapegoat for economic problems in Europe."Over the last eight years, the period in which the single monetary policy has been in place, employment has risen by 9.2 percentage points and the unemployment rate has declined by 1.9 percentage points," he said. "Let me also stress that if I compare the eight years after the euro was set up with the eight years before the euro, we created 11.73 million jobs after the euro and only 2.65 million jobs before the euro," he added.
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