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Europe’s automakers beg politicians to take action (FXE, FIATY, DDAIF, VLKAY)

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The European automobile manufacturers' association ACEA today called on European political leaders to wake up. The association urged politicians to take urgent action to secure a stable economic environment and restore confidence in the euro ( FXE , quote ). ACEA said in a statement "There is an urgent need for leadership and action to solve the Eurozone's problems, most notably the sovereign debt issue."

As far as these leading manufacturers -- including Fiat ( FIATY , quote ), Daimler ( DDAIF , quote ) and Volkswagen ( VLKAY , quote ) -- are concerned, the stability of the European economy is increasingly threatened by the persistent differences between countries within the euro zone.

Finally, ACEA said the region's economic and fiscal governance must be improved and "appropriate support mechanisms" must be put in place.

It is easy to understand why the automobile manufacturers association is speaking out so forcefully: vehicle sales are suffering due to the European debt crisis.

According to Fiat CEO Sergio Marchionne, the European car market will at best be flat next year.

But he added "all bets are off" in the event of a financial market or euro failure.

Marchionne remains optimistic that policy makers would find a solution to the European financial crisis.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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