IQALUIT: The recent weakening of the euro in relation to foreign currencies is "an improvement" over its past strength, French Economy Minister Christine Lagarde said at G7 talks.

"We have always complained about the (US) dollar being too strong," she said. "This is clearly an improvement."

The euro tumbled on Friday to its lowest level in almost a year, as investors sought the safe haven buck on fears about the global economy recovery stemming mainly from eurozone debt concerns.

Investors worried that debt-ridden countries such as Greece, Spain and Portugal may be unable to restore stability to their public finances after having spent heavily to combat recession.

In Canada's far north, "the message was that the European members of the G7 have confirmed to the other partners of the G7 the substance and the significance of the plan put together by Greece, and that they are confident that it will be managed," Lagarde commented.