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Business

Eichel Urges Common Position on Euro

The United States, Europe and Japan should take a common position against the current "brutal" rise in the euro, German Finance Minister Hans Eichel said Thursday as the single currency powered to new highs against the dollar ahead of a meeting of G20 countries at the weekend. "It's a brutal development, as (European Central Bank chief) Jean-Claude Trichet has said," Eichel said in an interview with German ARD public television on Thursday, as the euro hit a new all-time high of $1.3073. "It will have to be talked about. But, as befits currency issues, such discussions should take place behind closed doors and hopefully Japan, the US and Europe will be able to find a common position," the German finance minister said. Eichel's comments came just a day before a meeting of finance ministers and central bank chiefs from the world's 20 most powerful nations is scheduled to begin in Berlin. The Group of 20 comprises the world's seven richest nations -- Britain, Canada, France, Germany, Italy Japan and the US -- as well as 13 others, China, India, Russia, Argentina, Australia, Brazil, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea, Turkey and the EU. (AFP)