Weak euro a crisis signal

The euro exchange rate fell intermittently by one US cent to 1.28 dollars on Thursday, marking the lowest level since September 2010. The weak euro shows how critical the situation is for the common currency, writes the daily Le Soir: "Perhaps companies that export to countries outside the Eurozone are happy at this news. But for everyone else it's a disaster. It is a further sign that Europe is plunging ever deeper into crisis and is incapable of coming up with even a hint of a response. No doubt turbulent times require long-term solutions, like the establishment of a European fiscal policy. But - and frankly we're tired of repeating it - there is a fire that needs to be put out right now. ... Instead, the summits have poured oil on the fire by demanding ever more budgetary discipline, which only aggravates the recession and deficits. And by refusing any efficient solidarity mechanism such as a purchase of bonds by the ECB or the creation of eurobonds."

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