Euro will have indirect effects benefiting Morocco, says european chief diplomat

Euro will have direct effects on trade, mainly a larger monetary transparency in the market and several other indirect effects that will certainly benefit Morocco, said head of the European Delegation in Morocco, Lucio Guerrato.

He explained that indirect effects will more be important as Morocco will have a reliable and stable European partner that enjoys a budget surplus that might be invested in other countries, such as Morocco. Guerrato, who was speaking at the Moroccan 2nd TV channel "2M," hailed Morocco's "smart" handling of the debt issue.

He added that while the delay in ratifying the Morocco-EU association agreement is "unpleasant," it is, however, operating very well today, citing as evidence association in the technical, financial and trade fields.

Regarding agriculture, he conceded that there is some "protectionism" and that the European common agricultural policy will not change soon although the commission is proposing amendments to this policy.

Guerrato further called Morocco and the European Union to negotiate items on the fisheries agreement but added that if "the agreement is not renewed, we will survive."