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Bloomberg.com and of course on the Bloomberg. exploiter of the euro, Sir Howard, given the laws of the European Union.

I don't think it is in that sense an exploiter of the euro.

What happened was that the Germans joined the euro at what many of them

perceived to be an uncompetitive rate and they thought that they had been manipulated by the French if you like who agreed a rate that was too high

for the Deutschmark.

In the years following the introduction of the euro, the Germans then focused on productivity increases and wage

discipline. Unions in Germany worried about the impact on

competitiveness, agreed very, very tight wage deals and German competitiveness improved dramatically. Many other countries

in the Eurozone seem to take the view that having joined the Eurozone they couldn't have a

...