French President Francois Hollande has said the Eurozone debt crisis “is over”.

Hollande was speaking to a group of Japanese business leaders, during a trip to Asia, and told his audience, "What you need to understand here in Japan is that the crisis in Europe is over.”

Unemployment in the Eurozone is currently at a record high –19.38 million people unemployed - while as recently as April there were serious concerns over the future of the currency due to serious financial troubles in Cyprus.

The Eurozone economy has now shrunk in the past six quarters.

Holande went on to tell his audience:

"I believe that the crisis, far from weakening the Eurozone, will strengthen it.

 "Now, we have all the instruments of stability and solidarity. There was an improvement in the economic governance of the Eurozone, we set up a banking union, we have rules on budgetary matters that allow us to be better coordinated and have a form of convergence."

Unemployment in France reached a 15 year high last month, along with the European Commission and IMF reprimanding the French government to do more to avoid falling behind its European neighbours in their economic recovery.