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:
  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

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