French President Francois Hollande said to an audience of business leaders organized by the Nikkei media group in Japan on Saturday, that Euro zone crisis was over. “We have used various measures to address weaker nations. Member nations have tried to restore fiscal health. We have also established a banking federation. Due to these efforts, yields in the euro zone have dropped dramatically and we have been able to resort confidence among investors.” Hollande added, cited by CNBC.
Francois Hollande made this statement despite the fact that Unemployment Rate in the single currency zone hit 12.2% during April, while youth unemployment exceeded 50% in countries like Greece and Spain. “However, we must create a new outlook – an outlook for growth and employment. Together with Germany, we are trying to establish new goals beyond fiscal discipline. We must ensure that industries are not only hindered but become part of our long term strategy.”, as imparted by CNBC.
On the other hand, German Chancellor Angela Merkel used a more cautious tone and encouraged countries in the European Union on Saturday to implement further structural reforms.
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