Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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Credit: Reuters/John Kolesidis/Files

BERLIN | Wed Feb 6, 2013 6:55pm IST

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)
Economy
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