9 Jul 2014
ECB's Coene believes euro isn't too strong
FXStreet (Łódź) - ECB Governing Council member Luc Coene suggested on Wednesday in an interview for the Belgian newspaper Le Soir that the euro's strength was not excessive.
"It is wrong to say the euro is very strong. Just before the financial crisis, we have to remember, the euro pointed towards $1.60," he pointed out, adding that the common currency shouldn't be compared with the Swiss franc for which the market is considerably smaller.
The ECB policymaker also emphasized that the central bank should keep to its mandate of maintaining price stability and that the exchange rate shouldn't be its target.
EUR/USD climbed a bit higher to 1.3621on the remarks.
"It is wrong to say the euro is very strong. Just before the financial crisis, we have to remember, the euro pointed towards $1.60," he pointed out, adding that the common currency shouldn't be compared with the Swiss franc for which the market is considerably smaller.
The ECB policymaker also emphasized that the central bank should keep to its mandate of maintaining price stability and that the exchange rate shouldn't be its target.
EUR/USD climbed a bit higher to 1.3621on the remarks.