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Euro-zone finance ministers to boost support for euro
2005-06-07 00:31:56 XinhuaEnglish

Luxembourg, June 6(Xinhuanet)-- Euro-zone finance ministers tried on Monday to boost support for the single currency at their first meeting after both France and the Netherlands after rejected the European Union(EU) constitution,.

Luxembourg Prime Minister Jean-Claude Juncker, whose country holds the rotating EU presidency, brushed off a call by a junior partner in Italy's government for Rome to pull out of the euro, saying the call"stupid".

"We don't have time to waste. If we were to discuss all kinds of stupid things that are being discussed sometimes in some countries, we would have to add meetings to our meetings," he said.

The euro, the common currency used by 12 EU countries, dropped to an eight-month low against the US dollar last weekend. But it is still well above its launch value against the dollar, and its recent decline is expected to boost exports in the euro-zone.

The ministers will also take a look at the public finance prospects for the next two years in Greece, Portugal and Italy.

The scheduled discussions are considered as the first test of the amended Stability and Growth pact- the rules underpinning theeuro.

The European Central Bank(ECB) has expressed fears the countries would use its more relaxed version to run higher public deficit, instead of introducing crucial labor market reforms to boost their economies. On the other hand, the ECB is facing increasing criticism from some of the euro-zone's governments for its reluctance to change the interest rates- preserved at 2 percent for two years.

However, ECB chief Jean-Claude Trichet reportedly signaled that the Bank could eventually cut the borrowing cost rates, pointing to a need to boost consumer confidence. Enditem

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