Euro is not overvalued, says Germany

BERLIN Wed Feb 6, 2013 6:55pm IST

An officer scoops up a handful of new 10-euro-cent coins at the Greek National Mint in Athens October 24, 2008. REUTERS/John Kolesidis/Files

An officer scoops up a handful of new 10-euro-cent coins at the Greek National Mint in Athens October 24, 2008.

Credit: Reuters/John Kolesidis/Files

Related Topics

BERLIN (Reuters) - The euro is not overvalued at the moment if long-term trends are taken into account, German Chancellor Angela Merkel's spokesman said on Wednesday, adding that long-term competitiveness could not be achieved via exchange rates.

"If you look at the historic context, the German government is of the view that the euro is not overvalued at the moment," Steffen Seibert told a regular government news conference.

The euro firmed to $1.3535 from around $1.3506 after Seibert's comment.

French President Francois Hollande said on Tuesday that the euro zone should agree on a "medium-term" exchange rate for the euro and act on global markets to protect its interests. (Reporting by Madeline Chambers and Gareth Jones)

FILED UNDER:

Monetary Policy Committee

Reuters Showcase

Microfinance

Microfinance

Funding the unfunded: India helps small business borrow to grow  Full Article 

Insurance Sector

Insurance Sector

UK healthcare firm Bupa sees strong growth in India  Full Article 

Sensex Rises

Sensex Rises

Sensex edges up; consumer and healthcare stocks rise  Full Article 

Market Eye

Market Eye

FTSE adds nine Indian firms as large-caps in Asia-Pacific ex-Japan index   Full Article 

Indian Ocean Diplomacy

Indian Ocean Diplomacy

PM Modi to ramp up help for Indian Ocean nations to counter China influence  Full Article 

ECB Bond-Buying

ECB Bond-Buying

ECB raises growth forecasts, to start printing money next week  Full Article 

China Economy

China Economy

China signals "new normal" with lower annual growth target  Full Article 

Pharma Sector

Pharma Sector

Panel recommends waiving late-stage trials for some drugs  Full Article 

E-commerce

E-commerce

China backs e-commerce expansion in win for Alibaba, JD.com  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage