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Euro is not overvalued, says Germany
February 6, 2013 / 1:22 PM / in 5 years

Euro is not overvalued, says Germany

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.

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

“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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