French Minister: ECB Must Do More for Jobless
PARIS -- A French official says the European Central Bank is shirking its responsibilities toward Europe's unemployed and should do more to weaken the euro to help exports.
Industrial Recovery Minister Arnaud Montebourg's comments go against a custom that politicians not meddle in the ECB's work.
Montebourg told Europe 1 radio Sunday: "It's not dealing with growth. It's not taking care of the unemployed. It's not taking care of the European people. And it has a duty to do so."
He called on ECB President Mario Draghi to buy the debt of European countries. The ECB has a program to do just that -- but countries must first agree to reforms.Montebourg also said the bank's policies are not doing anything to weaken the euro, which is hurting exports. "What I am asking (Draghi) is to give us the weapons to fight unfair offshoring," he said.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV