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DW-RADIO

INTERVIEW OF THE DAY 20.11.2003

Exporters burdened by strong euro but will adjust

The euro, Europe's common currency soared to record highs on Wednesday nearly exceeding one dollar twenty before settling down to just over a dollar nineteen in late trading.

The currency's new-found vigour is spreading dismay among European businesses and industry, because the eurozone economy is already sluggish and needs outside stimulus to get moving again.

For export-dependent countries like Germany and France, there is the worry that a strong euro could hamper efforts to rein in budget deficits that are already over-extended. So how serious a problem is a strong euro? Greg Benzow put that question to Martin Hüfner, chief economist at Germany’s HypoVereinsbank in Munich.