France remains committed to defending the euro currency, French Foreign Minister Alain Juppé made clear in Johannesburg on Thursday evening.

“The situation is very difficult but we are very determined to stabilise the euro and fight against anything that destabilises it,” he told a meeting of the South African Institute of International Affairs at Jan Smuts House.

“We are working on consolidating the European Stabilisation Fund [the European Financial Stability Facility – EFSF].” (Basically, the EFSF is intended to prevent other eurozone countries suffering the same fate as Greece.)

“Today, the eyes of the world are on the euro,” he admitted.

“We are facing a crisis caused by excess budget deficits. The EU [European Union] has responded to this crisis ... to restore the confidence of the markets. We must stay the course, The world needs the euro.”

He suggested that an abandonment of the euro would amount to a reversal of 50 years of European integration, and this was an outcome that “my government, President [Nicolas] Sarkozy, will fight very strongly against.”

Expressing his personal opinion, Juppé said that he would like to see “a more integrated eurozone,” centred on French-German cooperation, “with a common budget policy, a common fiscal policy. This is a big challenge for us. I’m not sure we’ll be successful. The unity of Europe, the building of strong unity between the core countries of Europe, within the eurozone, is my dream.” He gave the view that a more integrated eurozone was the only way to maintain peace and stability in Europe.

He also implied that other major economies, outside the eurozone, should help. “I understand that what happens in the eurozone is of concern to the whole world,” he stated.

“The EU is now China’s leading trading partner. Emerging countries have an interest in stabilising the so-called developed countries.”