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6/11/06

Forbes.com: INTERVIEW - EU's Almunia sees no big impact on growth from strong euro

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INTERVIEW-EU's Almunia sees no big impact on growth from strong euro

EU economic and monetary affairs commissioner Joaquin Almunia said he expects the strength of the euro to have no major effect on the euro zone economy in the coming months. 'According to our analysis, the impact of the variation of the exchange rate recently has not been important so far,' Almunia told AFX News by telephone at the margins of the G8 finance ministers here 'We do not expect this to create serious problems in the coming months,' he said. His comments were somewhat at odds with Euro group chairman Jean-Claude Juncker's remarks on Tuesday saying that he is 'increasingly' worried about the exchange rate.

Almunia said the basic strength of the economy on the area backed up his view.

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