France’s Finance Minister Michel Sapin repeated Wednesday that the strong euro was a problem for his country and the Eurozone but added that the government was not seeking to give advice to the European Central Bank.
“I remind you that the ECB is an independent institution and does not take advice” from governments, Sapin told journalists when asked if he was trying to influence the ECB with his constant warnings on the euro.
Sapin said his comments have simply echoed those made by ECB President Mario Draghi during the recent IMF/World Bank meetings in Washington.
Sapin reiterated his euro warnings earlier Wednesday, telling the French parliament that “France and its partners are suffering from the too-elevated level of the euro.” He said the ECB’s willingness to act to prevent a further rise “is a chance that we must seize.”
On other topics, Sapin said that France had never requested that it be granted an additional delay in meeting its deficit targets. He said his comments about negotiations with Brussels only involved “the rhythm” of France’s deficit reduction.
The government announced earlier Wednesday that it would pursue a slightly slower pace of deficit cuts but would still reach its 3% deficit target in 2015.