French president Francois Hollande tells Japan that eurozone crisis is over

 

French President Francois Hollande sought reassure Japanese business leaders on Saturday that the eurozone debt crisis is over, but acknowledged that steps to boost the region's growth and competitiveness need to be taken.

In a speech on the final day of his visit to Japan, Hollande said that the potentially destructive debt crisis has served to "reinforce" Europe and foster greater integration of the 17 member economies that use the euro currency.

He said authorities are developing tools to ensure greater stability and solidarity such as a Europe-wide "banking union" and budgetary rules.

"What you need to understand here in Japan is that the crisis in Europe is over. And that we can work together, France and Japan, to open new doors for economic progress," he said in the speech at the Imperial Hotel organized by The Nikkei, a major financial newspaper.

Although the eurozone debt crisis that erupted at the end of 2009 has eased, the region's collective economy has shrunk for six straight quarters and unemployment has reached 12.2 percent, the highest since the euro was introduced in 1999.

Hollande said Europe needs to put more emphasis on taking steps to promote growth and competitiveness "so that we can have a better presence in the world."

He also highlighted his proposal to create a common economic government for the eurozone that would set economic policy.

Hollande called Japan an "exceptional partner" and urged both countries to invest more in each other. France's annual exports to Japan total about 7.5 billion euros (£6.3 billion), while its imports are just over 9 billion euros. Both rank 11th as respective trade partners.

In response to a question about China, Hollande said that while France does have trade disputes with China — and a yawning trade deficit of 25 billion euros — Paris needs to "work with" Beijing and shouldn't be expected to choose between Japan and China as they were both important regional economic powers.

Japan has expressed concern over French exports to China of equipment that potentially might have military uses, including the sale last year of equipment used to help helicopters land on ships. Providing China with such a capability alarms Tokyo given its tensions with Beijing over disputed islands in the East China Sea. Hollande repeated France's insistence that the helicopters were not for military use.

"We have the will to work with Asia, and not to oppose any particular country," he said. "We have a friendly relationship with China for a long time now, and a relationship of exceptional partnership with Japan," he said. "Please do not ask us to choose."

AP

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Project Office Administrator

£18000 - £20000 per annum: Recruitment Genius: This is an opportunity to join ...

Recruitment Genius: Sales Executive - OTE £35,000

£18000 - £23000 per annum: Recruitment Genius: A Sales Executive is required t...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + competitive: SThree: £20000 - £25000 per annum + c...

Recruitment Genius: Project Coordinator

£25000 - £30000 per annum: Recruitment Genius: This company provides a number ...

Day In a Page

Solved after 200 years: the mysterious deaths of 3,000 soldiers from Napoleon's army

Solved after 200 years

The mysterious deaths of 3,000 soldiers from Napoleon's army
Every regional power has betrayed the Kurds so Turkish bombing is no surprise

Robert Fisk on the Turkey conflict

Every regional power has betrayed the Kurds so Turkish bombing is no surprise
Investigation into wreck of unidentified submarine found off the coast of Sweden

Sunken sub

Investigation underway into wreck of an unidentified submarine found off the coast of Sweden
Instagram and Facebook have 'totally changed' the way people buy clothes

Age of the selfie

Instagram and Facebook have 'totally changed' the way people buy clothes
Not so square: How BBC's Bloomsbury saga is sexing up the period drama

Not so square

How Virginia Woolf saga is sexing up the BBC period drama
Rio Olympics 2016: The seven teenagers still carrying a torch for our Games hopes

Still carrying the torch

The seven teenagers given our Olympic hopes
The West likes to think that 'civilisation' will defeat Isis, but history suggests otherwise

The West likes to think that 'civilisation' will defeat Isis...

...but history suggests otherwise
The bald truth: How one author's thinning hair made him a Wayne Rooney sympathiser

The bald truth

How thinning hair made me a Wayne Rooney sympathiser
Froome wins second Tour de France after triumphant ride into Paris with Team Sky

Tour de France 2015

Froome rides into Paris to win historic second Tour
Fifteen years ago, Concorde crashed, and a dream died. Today, the desire to travel faster than the speed of sound is growing once again

A new beginning for supersonic flight?

Concorde's successors are in the works 15 years on from the Paris crash
I would never quit Labour, says Liz Kendall

I would never quit party, says Liz Kendall

Latest on the Labour leadership contest
Froome seals second Tour de France victory

Never mind Pinot, it’s bubbly for Froome

Second Tour de France victory all but sealed
Oh really? How the 'lowest form of wit' makes people brighter and more creative

The uses of sarcasm

'Lowest form of wit' actually makes people brighter and more creative
A magazine editor with no vanity, and lots of flair

No vanity, but lots of flair

A tribute to the magazine editor Ingrid Sischy
Foraging: How the British rediscovered their taste for chasing after wild food

In praise of foraging

How the British rediscovered their taste for wild food