February 13, 2017 / 7:09 AM / 5 months ago

French Fin Min says ECB never tries to manipulate euro rate

1 Min Read

BERLIN, Feb 13 (Reuters) - The European Central Bank never tries to manipulate the euro exchange rate to achieve trade or competitive policy goals, French Finance Minister Michel Sapin said in an interview published Monday, rejecting claims by a key U.S. official who said Germany used a "grossly undervalued" euro for its own gain.

"The euro is the currency of the entire euro zone. On the international level what counts is the surplus of the entire eurozone, not that of Germany," Sapin told the Handelsblatt newspaper.

Sapin said Europe still needed to restore investments to levels seen before the global financial crisis, and said Germany could be more "ambitious" about its investment levels, for its own sake and that of Europe.

He also said he hoped that U.S. President Donald Trump would understand quickly how advantageous and important ties with the European Union were for the well-being of the United States. (Reporting by Andrea Shalal; Editing by Paul Carrel)

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