Lunedì, 22 Ottobre 2018

ECB chief Draghi says talk of currency war 'exaggerated'


Rome, February 12 - European Central Bank
President Mario Draghi on Tuesday said that talks of a currency
war taking place were "exaggerated".
During a press conference after a speech to the Spanish
parliament in Madrid, Draghi said: "we don't see anything like
However, Draghi also hinted at recent pressures on the bank
to take some sort of exchange rate action, saying that comments
by some authorities relating to the ECB's exchange rate policies
were "inappropriate" and "fruitless".
"Inappropriate" remarks are those which seem to be aimed at
encouraging Europe's central bank to "move on exchange rates, in
violation of the independence guaranteed by the (the bank's)
mandate," the central bank chief said.
Finance leaders and central bankers in some of the world's
leading economies in recent days have been commenting on
concerns about the possibility that some countries may consider
devaluations as a way to boost flagging economic growth.
Earlier Tuesday, a statement from the Group of Seven
advanced industrial economies (G-7) said its members reaffirmed
their commitment to letting market forces determine exchange
The G7 - which includes the US, Japan, Germany, France, the
UK, Italy and Canada - acted following recent comments by the
prime minister of Japan who suggested that the country would try
to manage its exchange rate.
This generated a sharp drop in the yen and sparked warnings
from other economies, including in Europe, that such policies
risked starting a currency war.
Speaking to the Spanish parliament, the ECB chief said:
"Countries immersed in painful reforms should not feel abandoned
to their fate".
The objective of the reforms is "a more prosperous future
for Europe," Draghi said.

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