Euro needs more stability

The EU is expected to confirm that Germany breached the government budget deficit limit of 3% of GDP in 2003 this week, which would follow a statement last week requesting France to take measures to reduce its proposed budget deficit of 3.6% in 2004.

Tony Norfield, global head of FX strategy at ABN Amro in London, said that though several non-euro countries, including the US and UK, have looming budget problems, these breaches still represent a negative impact for the euro. "The argument against

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