Forbes.com: Italy's Prodi sees strong euro impact on energy imports curbing trade deficit-" EU consumer unfortunately not benefiting from strong Euro"
Italy's Prodi sees strong euro impact on energy imports curbing trade deficit
Italy's prime minister Romano Prodi sees the strong euro cutting the cost of imported energy fuels, bringing down the country's trade deficit with the rest of the world, said a source close to Prodi. Speaking after yesterday's summit between Prodi and German chancellor Angela Merkel, the source said both countries with their strong industrial sectors are seeing a similar trend in the trade balances with the rest of the world.
Note EU-Digest: It is shameful how some corporations in Europe including petro-chemical corporations are profiting from the strong euro and not passing these benefits on to the consumer. Consumers in the EU are not seeing the price of gasoline (which is tied to the dollar) drop, or for that matter just about any product which is bought outside the EU and quoted in US dollars. For example Nike shoes (made in the Far East) selling in America for around US $ 65.00 (43 euro's) are still being listed in Europe for over 100 euro's. Instead of whining about the strong euro European politicians should go after corporations who are price gouching and getting away with making huge profits.
