The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency.
At 6.15pm (GMT) the euro was trading at $1.0600 down from $1.0637 in yesterday’s trading.
National Front leader and presidential candidate Marine Le Pen, claims that the Euro is just a political instrument and her country would be better off with a different currency all together.
She also added that some of her proposed policies are unattainable as long as France continues with the Euro,
“I can’t implement my promises of intelligent protectionism and industrial policy with the single currency,” Le Pen said.
“It’s a brake on the economy, it’s an obstacle to the recovery. The euro isn’t a currency, it’s a political tool.” she added.
Banque de France governor Francois Villeroy de Galhau said that the consequences of France exiting the Euro would be huge, and greatly increase the cost of borrowing which he claims to already be happening over a possible break with the Euro,
“The recent increase in French rates ,which I believe is temporary corresponds to a certain worry about the exit from the euro, If we were alone, we would be helpless faced with financial market speculation and helpless faced with US pressure on the dollar," he said,
"Financing France's public debt would cost over 30 billion euros $31 billion a year .That might seem a bit abstract to listeners, but 30 billion euros, to be very concrete, is equivalent to France’s annual defense budget,” he added.
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