ECB Wellink: Euro-Dlr “Not the Only Relation That Matters”

FRANKFURT (MNI) – The exchange rate between the euro and the U.S.
dollar is not the only important currency relationship, European Central
Bank Governing Council member Nout Wellink told Radio Netherlands on
Friday, dismissing concerns of a stronger euro versus the greenback.

“The euro-dollar rate is not the only relation that matters,”
Wellink said in during the interview. “Germany for instance profited
from the expensive yen, which enabled them to sell more cars [in euros]
all over the world.”

Wellink, who heads the Dutch central bank, dismissed the idea that
there was a “currency war,” saying that if anything it is a verbal war.
He criticized the U.S. government’s attack on China over exchange rate
policies, saying Washington’s focus should be on getting public spending
under control.

“While the rest of the world is taking measures, the U.S. deficit
has never before been so high for so long,” Wellink lamented.

— Frankfurt bureau: +49-69-720 142. Email: frankfurt@marketnews.com —

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