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Hollande was not sufficiently circumstantial in his comments, but the guidelines in his speech make it clear that he defends some sort of bigger European centralisation. One of the problems he only marked during his speech in Strasbourg on February 6th proved part of much bigger efforts - the exchange rate of the single currency. The exchange rate of the euro cannot constantly hesitate because in this way it "eats" the achievements in terms of competitiveness. A zone of a single currency should be able to influence the exchange rates, he said. The issue about control of the exchange rate was raised by Pierre Moscovici, the French minister of finance, during the Eurogroup meeting on February 11th, but it was not met very warmly by the others, especially by Germany and the new chief of the Group, Jeroen Dijsselbloem. According to the eurozone ministers of finance, especially from the Nordic countries, the markets should define the exchange rates.
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