An item in the Wall Street Journal:
- ECB President Draghi has told fellow central bankers that a euro exchange rate above $1.30 harms the competitiveness of southern European exports, said the head of Hungary’s central bank
“President Draghi tells us every single time in Basel that as long as the euro is not that strong against the dollar—it’s at $1.1—the Club Med countries remain competitive on the global market, but they are not any longer with a euro-dollar of $1.3. And that a [euro-dollar rate of] $1.6 is only manageable for Germany [among the euro-zone member countries],” National Bank of Hungary Governor Gyorgy Matolcsy said in a speech at a financial conference on Thursday.
- an ECB spokesman denied that Mr. Draghi made the comments on exchange rates
Article at the The Wall Street Journal (gated, so if you’re unable to access the article try a search of Google news using the headline) : Draghi Shares Exchange-Rate Views With Central Bankers
ECB Denies Chief Made Comments Hungarian Counterpart Attributed to Him
