Reuters: US Dollar Report: EU must not raise competitiveness at Germany's cost- Weidmann

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EU must not raise competitiveness at Germany's cost- Weidmann May 7th 2013, 12:30 BERLIN | Tue May 7, 2013 8:30am EDT BERLIN May 7 (Reuters) - European countries should not address their economic weaknesses by competing with each other or reducing Germany's strength but by raising the bloc's competitiveness as a whole, Bundesbank chief Jens Weidmann said on Tuesday. "It's not about European countries being competitive with each other, it's about Europe as a whole being competitive," Weidmann told reporters at a news conference with the German and French finance ministers and central bank chiefs. "It's not about reducing Germany's competitiveness versus the other countries, who would not benefit from it either. Weakening Germany would just weaken the whole the euro zone."

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