Euro Dude Criticizes My Bush Boom

From Holden:

If only my Bush Boom were here to defend itself:

A top European Union official Monday urged the United States to curb its deficits to help bolster the sagging dollar amid fears a strengthening euro would stifle Europe’s fledgling economic recovery.

“It’s not good for anyone to have this kind of movement,” said EU Economic and Monetary Affairs Commissioner Joaquin Almunia said heading into an evening meeting.


The euro hit an all-time high above $1.30 last week — a surge European Central Bank President Jean-Claude Trichet has called “brutal” and “not welcome.”


Currency traders blame the dollar’s chronic slide on expanding budget deficits under U.S. President George W. Bush as well as huge trade deficits. Despite Washington’s official position, analysts say a weaker dollar would help correct those imbalances by boosting U.S. exports, thus spurring American economic growth.