The dollar fell to its lowest level ever against the Euro on the day the president of the European Central Bank spoke to the Economics Committee of the European Parliament in Brussels.

Jean-Claude Trichet told MEPs he wanted to see the dollar gain strength and was convinced both the Americans and Europeans would work together to get there. The bank president said both the Euro Zone and the US had structural flaws which had to be sorted out. Europe, he said, needed reforms to make the job market more flexible and ultimately increase economic growth. He said the Americans have to tackle their massive budget deficit which is the main obstacle to a higher dollar.

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