GM boss launches euro tirade
Friday, 30 March 2007
The president of General Motors Europe has called on governments to tackle the damage being done to the car industry by the overvalued Euro.

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Carl-Peter Forster claimed that European governments had underestimated the problems faced by carmakers because of the high value of the euro compared to currencies in the Far East. The large disparity had constantly put pressure on productivity and wages in the EU and was "politically underrated", according to Forster. "It is something we have to fight every day and I think it should be better understood politically,” said Forster. “It should be something the politicians should really deal with. It is not something we can leave for the free market.” Forester warned that while the Korean and Japanese currencies had been stifling production in Europe, the Chinese market could also pose similar problems.
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