The strength of the euro is hitting the profits and sales of companies in the eurozone sharply, in spite of the emerging economic recovery in the region.Third-quarter results of some of the biggest companies in the currency bloc have revealed that they are suffering much steeper falls in profits than peers in European countries without the single currency, raising concerns that their competitiveness is under pressure. Eurozone companies - excluding volatile financial and oil groups - have suffered a collective sales drop of 12.5 per cent and a fall in profits of 27 per cent in the third quarter, according to an ING analysis of the results of 311 groups.European companies outside the eurozone in countries such as the UK and Switzerland have seen drops of 2.6 per cent in sales and 1.2 per cent in profits.
Third-quarter results of some of the biggest companies in the currency bloc have revealed that they are suffering much steeper falls in profits than peers in European countries without the single currency, raising concerns that their competitiveness is under pressure.
Eurozone companies - excluding volatile financial and oil groups - have suffered a collective sales drop of 12.5 per cent and a fall in profits of 27 per cent in the third quarter, according to an ING analysis of the results of 311 groups.
European companies outside the eurozone in countries such as the UK and Switzerland have seen drops of 2.6 per cent in sales and 1.2 per cent in profits.
Weak currency -> like peeing your pants, feels nice and warm at first, very nasty later. Peak oil is not an energy crisis. It is a liquid fuel crisis.
