Hollande, Obama discuss Eurozone economic woes 

(MENAFN - Kuwait News Agency (KUNA)) French President Francois Hollande and US President Barack Obama discussed on phone, late Friday, the ongoing woes affecting the Eurozone countries and the need for growth and stability in Europe.

The French Presidency said in an overnight statement that the two leaders "stressed the need to reinforce stability and governance in the Eurozone, and give the European Union a real growth policy." Hollande told Obama of France's "willingness to put in place, with its partners in the European Union, an economic framework based on three pillars: growth and competitiveness, budgetary responsibility and financial stability."

The Eurozone and the Euro currency have been battered on markets for over a year because of exorbitant budget deficits and mounting debts in several countries, notably Greece and Spain, but also Portugal, Ireland and even Italy.

The Euro has fallen to its lowest level since 2009, trading in the USD 1.
25-1.26 range.

There are even fears that the Euro currency system could collapse because of the failure to adequately tackle the debt and deficit problems and the resistance by some to austerity measures being pushed by Germany, in particular.

Holland and Obama agreed to work together in international forums like the G20 to get a more effective regulation of the world economy to bolster growth and stability.