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Jay Currie

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6/06/2005

Euro Wobblies

Yet the crisis widened beyond the document alone, with a media offensive being mounted to bolster the euro after German officials and an Italian minister openly discussed its possible demise. In the first rumblings of a call for the franc to be reinstated, Nicolas Dupont-Aignant, a member of Mr Chirac's ruling UMP party, said: "France, Italy and Germany would be in a better state without the euro. However, I don't believe we should ditch it now.

"But either it is reformed, and the central European Bank kick-starts growth by lowering interest rates and pursuing a more American-style monetary policy, or the euro will explode in mid-air."

The governor of France's central bank, however, rushed to the euro's defence. Christian Noyer said that the currency was "in no way under threat" following its fall in value since the No votes of the past seven days. He dismissed as "absurd" the idea of a temporary withdrawal from the euro by individual states.
sunday telegraph
Remember rule one of currency trading which I alluded to on June 1st,
A good rule in international banking is that when central bankers are going public to deny that a currency is in trouble, the currency is in trouble.
moi, scroll down
That makes two central bankers in three days who have called one element or another of the Euro's collapse "absurd".

Add to that a Frenchman calling for a more American style monetary policy and the idea "Short the Euro, short it hard and short it fast." begins to catch hold....