February 6, 2013 / 1:22 PM / 5 years ago

Euro is not overvalued, says Germany

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

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)

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