Fleet News

Ford chief says Britain must devalue Pound before joining Euro

A SENIOR Ford Motor Company Executive has again expressed the manufacturer's support for British entry into the single European currency - but warned that the value of Sterling must fall significantly before Britain can join the Euro.

Dr Wolfgang Reitzle, chairman of Jaguar Cars and president of Ford's Premier Automotive Group, said Sterling would have to fall be around 10% against the Deutsche Mark before the could become part of the European single currency.

Reitzle also admitted that the strength of the Pound was making continental suppliers more competitive than domestic suppliers manufacturing parts for British-build cars like the new X-type.

'We make no secret that we favour entry into the Euro - but only at the right level,' said Reitzle. 'We think a value of 2.7 to 2.8 Deutsche Marks to the Pound would be the right level.'

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