The level of the euro against other currencies is not hurting growth and European Central Bank policy is understandable, Ernest-Antoine Seilliere, the president of BusinessEurope employers group said. The euro has strengthened in recent months against the yen and the US dollar and some European companies have complained it has hurt their businesses.
Some politicians, including French president-elect Nicolas Sarkozy, have also blamed the euro's strength for sluggish economic growth. "At BusinessEurope, we do not think that the euro is at a level that is braking growth," he told France's Le Monde daily in an interview released on Monday. The lobby group brings together 39 employers organisations from 33 different countries.