Eurozone crisis is over, declares French president Hollande

By Emma Rowley

The eurozone crisis is over, French president Francois Hollande said as he sought to reassure Asian investors on a visit to Japan.

"What you need to understand here in Japan is that the crisis in Europe is over," he said. "And that we can work together, France and Japan, to open new doors for economic progress."

Europe needs to put more emphasis on taking steps to promote growth and competitiveness "so that we can have a better presence in the world", he added.

Mr Hollande, the socialist leader who oustied Nicolas Sarkozy, is not the first European politician leader to declare an end to the crisis. Last year the Spanish prime minister Mariano Rajoy said that "the worst has passed" for the euro.

Markets have also grown less concerned about the situation in the shared currency region. One analyst recently suggested that a "Greecovery" - Greek recovery - might now be a more apposite term than the feared "Grexit" - Greek exit from the euro.

While the imminent threat of a country being forced to leave the currency has receded, the region does however remain mired in recession.

The eurozone's collective economy has shrunk for six straight quarters and unemployment has hit 12.2pc, its highest level since the euro was established in 1999.

Some suspect that tensions could rise again after Germany's national elections in September, when politicians will be more prepared to tackle the area's economic problems.