EU Economic and Monetary Affairs Commissioner Olli Rehn said today in Bruxelles that the euro and other area's economic recovery may suffer if the euro continues to appreciate against the Chinese renminbi and other major world currencies, and he urged China to let the value of the renminbi rise significantly.
Rehn, European Central Bank President Jean-Claude Trichet and Jean-Claude Juncker, head of the group of 16 nations that use the euro, met Chinese Prime Minister Wen Jiabao ahead of a summit between the European Union and China.
"These reforms should be complimented by an increased flexibility and thus by a broad-based appreciation of the renminbi exchange rate in relation to its main trading partners, including the euro area," Rehn said.
"If the euro continues to bear a disproportionate burden in the adjustment of global exchange rates, the recovery of the euro-area economy might be weakened."
EU-Digest
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