- CNTV English - CCTV News

Homepage > News > Biz >

Eurozone finance ministers assure credible euro

05-18-2010 10:49 BJT Special Report: Europe's Debt Crisis |

Eurogroup President and Prime Minister of Luxembourg Jean-Claude Juncker chairs an eurozone finance ministers meeting at the European Council in Brussels May 17, 2010.  (Xinhua/Reuters Photo)
Eurogroup President and Prime Minister of Luxembourg Jean-
Claude Juncker chairs an eurozone finance ministers meet-
ing at the European Council in Brussels May 17, 2010.  
(Xinhua/Reuters Photo)
BRUSSELS, May 17 (Xinhua) -- The euro remains a credible currency despite its recent sharp decline due to fear of the Greek debt crisis spreading in the single currency area, eurozone finance ministers assured on Monday.

"We trust that the euro is a credible currency," Luxembourg Prime Minister Jean-Claude Juncker, who chairs the eurozone finance ministers' meeting, told reporters in the early hours of Tuesday.

Finance ministers from 16 European Union (EU) nations that share the euro met here on Monday for a monthly meeting as the euro hit a four-year low against the U.S. dollar earlier in the day.

The weak euro resulted from the fact that the markets remained unconvinced about a successful resolution of a spreading debt crisis in the Eurozone, although EU finance ministers hammered out a 750-billion-euro (926-billion-dollar) safety net in a desperate bid to shore up confidence a week ago.

Investors were also worried that possible bailouts of debt-burden countries and the decision by the European Central Bank (ECB) to buy government bonds may contribute to higher inflation.

Juncker dismissed the possibility of any price rise in the Eurozone.

"Price stability has been fully maintained in euro area over 11 years and will be equally maintained in the years to come," he said.

"This is a major feature of euro and a major asset for investments," he added.

Editor:Zhang Jingya |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program