Update: ECB Nowotny: Intl Role Of Euro Is On The Increase

–Adds comments on foreign exchange rate moves, ECB’s inflation goal

ALPBACH, Austria (MNI) – The euro’s international role is growing,
European Central Bank Governing Council member Ewald Nowotny said
Friday.

“Internationally the role of the euro as a means of payment is
tending to increase,” the head of the Austrian National Bank said at a
conference here.

Nowotny reiterated authorities’ opposition to “abrupt” foreign
exchange rate moves but said he saw no “dramatic” developments at the
moment.

With regard to price stability he said, “there are no grounds or
indication whatsoever for us to change” the ECB’s consumer inflation
target of near but below 2%.

–Frankfurt bureau tel.: +49-69-720142. Email: dbarwick@marketnews.com

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