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European leaders discuss the euro at the World Economic Forum in Davos. France and Germany are bent on keeping the euro, but are met with a cool response from the U.S. wishing to defend the dollar. Some say they saw such problems coming.
European politicians and senior official leaders gave their reaction On Thursday to comments from the French President, Nicolas Sarkozy, that there was no way the euro would not survive.
Sarkozy says investors who bet against the euro would get their fingers burnt because France and Germany were utterly determined to defend the currency.
Sarkozy, who chairs both the G20 global economic forum and the Group of Eight major industrialized economies, tells the World Economic Forum in Davos that Paris and Berlin will be taking new steps in European economic integration in the coming weeks.
Sarkozy 's statement is reiterated by his finance minister.
[Christine Lagarde, French Finance Minister]:
"We will never abandon the Euro, never. The government of the French Republic will do everything that is necessary at any moment in any circumstance to support the Euro, which by the way is very solid."
Sarkozy's call for a new international monetary system has met a cool response from the United States, which sees it as a drive to undermine the dollar's dominance.
But Sarkozy says no one is trying to undermine the dollar which would remain the world's main reserve currency.
ECB President Jean-Claude Trichet also says there is no crisis of the euro currency, though some countries in the currency bloc have problems that must be tackled.
