EMU finance ministers (Ecofin) will be meeting early this week. One of the subjects sure to be on the agenda is the soaring value of the euro. Finance ministers are not as sanguine about the euro's rapid rise as is European Central Bank President Wim Duisenberg. Previously Ecofin had been supportive of a euro rally - couched in terms of the need for the euro to better reflect the fundamentals of the EMU economy. The benefits from the euro's rise in value have helped to keep import prices down, boosting the purchasing power of consumers. However, manufacturers have already seen profit margins from export sales narrow along with their sales volumes as prices for their products rise overseas.

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