Investors who bet against the euro will get their fingers burnt because France and Germany are utterly determined to defend the currency, French President Nicolas Sarkozy said on Thursday. Sarkozy, who chairs both the G20 global economic forum and the Group of Eight major industrialised economies, told the World Economic Forum in Davos that Paris and Berlin would take new steps in European economic integration in the coming weeks.
Sarkozy, who chairs both the G20 global economic forum and the Group of Eight major industrialised economies, told the World Economic Forum in Davos that Paris and Berlin would take new steps in European economic integration in the coming weeks.
"To those who would bet against the euro, watch out for your money because we are fully determined to defend the euro," he said.
"Mrs (German Chancellor Angela) Merkel and I will never -- do you hear me, never -- let the euro fall," he told the assembled business and political leaders.
"To imagine we would abandon it is to understand nothing about the psychology of European countries that fought each other in wars for decades. This is an issue of (European) identity," Sarkozy said.
His call for a new international monetary system has met a cool response from the United States, which sees it as a drive to undermine the dollar's hegemony. But Sarkozy said no one was trying to undermine the dollar which would remain the world's main reserve currency.
France's President Nicolas Sarkozy attends a session at the World Economic Forum (WEF) in Davos January 27, 2011. Investors who bet against the euro will get their fingers burned because France and Germany are utterly determined to defend the currency, Sarkozy said on Thursday.
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