Euro must help business: Sarkozy

LE BOURGET, France – French President Nicolas Sarkozy said on Saturday Europe needed to use the euro better to protect its business interests as he threw his weight behind aircraft maker Airbus at the Paris air show.

Airbus has often said the high value of the euro affected its sales and put it at a disadvantage to US rival Boeing Co. “I ask that we do with the euro what the Americans are doing with the dollar, what the Chinese are doing with the yuan, what the Japanese (do) with the yen and sorry for saying it, what the English do with the British pound,” Sarkozy said.”Did we create the world’s second largest currency so that we would not use it? …How can our industrial groups compete if the dollar loses 34 per cent against the euro?” Sarkozy added.Sarkozy’s pro-business stance helped him win the French presidential election earlier this year and he used his address at the Paris air show to criticise France’s 35-hour working week law and the country’s tax regime.Airbus has been hit by delays which caused a slump in the 2006 profits of parent company EADS but it has since fought back with a series of high-profile orders at the Paris air show.Sarkozy said he would discuss Airbus at a meeting next month with German Chancellor Angela Merkel.German industrial group Daimler and French company Lagardere, which are also key shareholders in Airbus, would also be at the meeting.”I am totally determined to do all we can so that this extraordinary European success story can continue to grow,” he said.EADS co-Chief Executive and Airbus head Louis Gallois welcomed Sarkozy’s comments.”The American aeronautics industry benefits from massive public support.Europe has to draw its own conclusions if it wants to keep its industry strong,” Gallois told Le Journal du Dimanche in an interview made available on Saturday.Gallois acknowledged the Airbus A350 order book looked light compared with Boeing’s 628 orders for its 787 aircraft.”We have been selling this aircraft only since December 2006 while Boeing has been commercialising the 787 for more than three years.They started before us since the 787 will come out in 2008 and the A350 in 2013,” Gallois added.Nampa-Reuters”I ask that we do with the euro what the Americans are doing with the dollar, what the Chinese are doing with the yuan, what the Japanese (do) with the yen and sorry for saying it, what the English do with the British pound,” Sarkozy said.”Did we create the world’s second largest currency so that we would not use it? …How can our industrial groups compete if the dollar loses 34 per cent against the euro?” Sarkozy added.Sarkozy’s pro-business stance helped him win the French presidential election earlier this year and he used his address at the Paris air show to criticise France’s 35-hour working week law and the country’s tax regime.Airbus has been hit by delays which caused a slump in the 2006 profits of parent company EADS but it has since fought back with a series of high-profile orders at the Paris air show.Sarkozy said he would discuss Airbus at a meeting next month with German Chancellor Angela Merkel.German industrial group Daimler and French company Lagardere, which are also key shareholders in Airbus, would also be at the meeting.”I am totally determined to do all we can so that this extraordinary European success story can continue to grow,” he said.EADS co-Chief Executive and Airbus head Louis Gallois welcomed Sarkozy’s comments.”The American aeronautics industry benefits from massive public support.Europe has to draw its own conclusions if it wants to keep its industry strong,” Gallois told Le Journal du Dimanche in an interview made available on Saturday.Gallois acknowledged the Airbus A350 order book looked light compared with Boeing’s 628 orders for its 787 aircraft.”We have been selling this aircraft only since December 2006 while Boeing has been commercialising the 787 for more than three years.They started before us since the 787 will come out in 2008 and the A350 in 2013,” Gallois added.Nampa-Reuters