According to the U.K. newspaper, The Telegraph, France President Nicolas Sarkozy warned the U.S. Congress of “economic war” if the United States seeks to devalue its currency to escape financial troubles.
Mr. Sarkozy delivered a speech before a joint session of Congress.
Mr Sarkozy spared no sensitivities as he launched into a full-blown attack on the Bush Administration. “The dollar cannot remain solely the problem of others. If we are not careful, monetary disarray could morph into economic war. We would all be its victims,” he said.
The cause for Sarkozy’s remarks: the exchange rate for a Euro to a U.S. Dollar is 1 Euro was worth $1.47:
The stunning remarks came as the greenback plunged to a record low of $1.4731 against the euro, causing a chorus of angry protests from industrial leaders in France and Italy.