Merkel vows to do utmost for stable euro

09:47, May 27, 2010      

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German Chancellor Angela Merkel, currently visiting the Saudi Red Sea port of Jeddah, vowed on Wednesday that her country will leave no stone unturned to stabilize the euro, official Saudi SPA news agency reported.

Addressing a gathering of Saudi businessmen at Jeddah Chamber of Commerce and Industry, Merkel said Germany will do all it can do to support the currency.

"Germany, the largest economy in the European Union, has strongly profited from the euro, and therefore, we will do our utmost to stabilize it," Merkel said, as reported by the Saudi agency.

The German leader also called for supporting the inter-European trade and not for aligning on the side of Europe's weakest economies.

"We still struggle with the repercussions of the international financial crisis, and we should bear the responsibility to curb the impacts of this crunch in the future," she said.

The euro lost 7 percent this year, while the dollar rose more than 10 percent.

Merkel also said she is seeking more cooperation with Saudi Arabia, voicing hope that the German firms would enjoy facilitations to access to the Saudi market.

"We consider the investment opportunities available in the kingdom. We do not like to focus only on oil, as Germany can pump investments in other several domains, like the railways, renewable energy and others," she said.

Merkel also pledged she will personally work to overcome obstacles to trade pacts between the European Union and the six- nation Gulf Cooperation Council.

The German chancellor arrived in Jeddah on Tuesday from Abu Dhabi on the second stop of a four-state tour in the Gulf region. She held talks with Saudi King Abdullah bin Abulaziz on means to revive the Middle East peace process, regional security and the nuclear standoff with Iran, according to local Arab News newspaper.

Also on Tuesday, Merkel visited King Abdullah University of Science and Technology, the first academic institution where male and female students study together.

Merkel will also visit Qatar and Bahrain, where she will meet with heads of state and government.

Source: Xinhua


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