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Luxembourg prime minister warns of eu crisis Original Source Link: (May no longer be active)    http://www.reuters.com/newsArticle.jhtml?type=worldNews&storyID=8689518 http://www.reuters.com/newsArticle.jhtml?type=worldNews&storyID=8689518 Juncker warns of EU crisis, euro overvalued Fri Jun 3, 2005 06:48 AM ET LUXEMBOURG (Reuters) - Luxembourg Prime Minister Jean-Claude Juncker, who holds the European Union presidency, warned on Friday that failure to agree on a new long-term EU budget this month would turn a political problem into a full-blown crisis. Juncker, who also chairs euro zone finance ministers, said the single currency shared by 12 EU countries had been weakened by the "No" votes to the European constitution in France and the Netherlands but was still overvalued compared to the dollar. "A failure on the financial perspective (budget) would turn the big European difficulties (after the referendums) into a big European crisis," he told a news conference. "As a result of the referendums, the euro is weakened. What helps the economy for the moment could in the long term become a burden," he said, adding: "I think the euro is overvalued in relation to the dollar." Juncker also said he would resign as prime minister if the Grand Duchy votes against the constitution in a referendum on July 10, after polls showed support dropping among the 200,000 voters. He made the comments as EU leaders groped for a way forward after French and Dutch voters decisively rejected the treaty designed to give the enlarged bloc clearer leadership and make decision-making easier. Juncker will chair a June 16-17 Brussels summit which is meant to agree on what to do about the constitution and try to clinch an agreement on the 2007-2013 budget. He said a new compromise proposal he put forward on Thursday would cap actual payments at 1.0 percent of gross national income over the next seven years, as sought by the six main net contributors, although spending commitments would be around 1.06 percent.

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