ECB Nowotny: Euro In Normal Range; Recent Decline “Positive”

VIENNA (MNI) – The euro is still in a “completely normal range”
despite its recent sharp decline, and the fact that it is lower should
be welcomed since Eurozone officials had been complaining until recently
that the single currency was too strong, European Central Bank Governing
Council member Ewald Nowotny said Thursday.

“We find ourselves in a completely normal range,” Nowotny said in a
press conference here. “And I would like to remind you that not too long
ago there were concerns that a Euro appreciation would be a massive
damper on economic developments,” he added.

“That means the development we now have is without a doubt a
positive development.”

The euro has fallen sharply in recent weeks as concerns about the
EMU sovereign debt crisis mount and some even worry that the Eurozone
could eventually break up.

After hitting a high over $1.50 last year, the euro is now trading
under $1.23 and some see it heading towards parity with the greenback
towards year’s end.

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