Eurozone crisis is over

CNC report from Brussels
Added On June 9, 2013

The eurozone crisis is over.

French President Francois Hollande made this comment on the final day of his visit in Japan, as he sought to reassure Asian investors.

Hollande also stressed that steps to boost the region's growth and competitiveness need to be taken.

Hollande delivered the speech at the Imperial Hotel organized by Nikkei, a major Japanese financial newspaper.

The president says quote "What you need to understand here in Japan is that the crisis in Europe is over. And that we can work together, France and Japan, to open new doors for economic progress."

Meanwhile, he notes that the debt crisis has reinforced Europe and fostered greater integration of the 17 member economies that use the euro currency.

Hollande introduces that the bloc has developed tools to ensure stability and solidarity, like the Europe-wide "banking union" and budgetary rules.

But he adds that Europe needs to put more emphasis on taking steps to promote growth and competitiveness.

The region's collective economy has shrunk for six straight quarters. And unemployment has reached 12.2 percent, the highest since the euro was introduced in 1999. 

Hollande also describes Japan an "exceptional partner" and urges both countries to invest more in each other.

In response to questions about China, Hollande says although France does have trade disputes with China, Paris needs to work with Beijing.

He notes France should not be expected to choose between Japan and China as they are both important regional economic powers.

Hollande is not the first European politician leader to declare an end to the eurozone crisis.

Last year, the Spanish Prime Minister Mariano Rajoy also noted "the worst has passed" for the euro.