Euro appreciates on Barroso’s plans for the single currency

<p>The euro has appreciated against the pound and dollar as Jose Manuel Barroso’s plans for the eurozone are announced.</p>

The euro has appreciated in forex training this afternoon following Jose Manuel Barroso's announcement of his plans for the single currency and the future of the 17-nation bloc.

Among the European Commission's proposals are the notion of separating the eurozone budget and implementing the joint issuance of debt – a matter Germany is strongly opposed to.

The plan to underpin the euro looks at the coming five years and beyond and in the short-term Mr Barroso aims to set up a new fund inside the European Union budget to speed up the crucial eurozone structural reforms.

He stated: "We need a deep and genuine Economic and Monetary Union in order to overcome the crisis of confidence that is hurting our economies and our citizens' livelihoods."

At 14:35 GMT, the euro had appreciated by 0.2 per cent in forex trading with the pound and by 0.3 per cent versus the dollar, so €1 now buys £0.810 and $1.299.

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