Euro group's Juncker says excessive currency volatility not conducive to growth |
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Published
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Mon, 29 Jan 2007 22:07
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BRUSSELS (AFX) - Euro group president Jean-Claude Juncker said euro zone finance ministers concluded at tonight's monthly meeting that excessive currency volatility is not favourable to economic growth.But Juncker declined to say whether the euro group will push for concern about the fall of the yen to be mentioned in the final statement of next month's G7 finance ministers' meeting.He said ministers had a have ry fruitful discussion, much of which was devoted to the exchange rate'.He noted that European Central Bank president Jean-Claude Trichet was present.'We could conclude that excessive exchange rate volatility is not conducive to improvement in economic growth,' Juncker said.He said the discussion went on 'at some length', adding that the level of the yen should reflect 'Japan's current economic recovery'.He said ministers also noted that 'by and large the news is good' on the euro zone economy, with oil prices falling and growth prospects 'probably better than we had expected'.He said there are still no second-round inflationary effects from high oil prices, but added that 'wage increases remain a source of concern for us'.EU economic and monetary affairs commissioner Joaquim Almunia too said euro zone growth looks set to exceed earlier forecasts.victoria.main@afxnews.comvm/vmCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Euro group's Juncker says 'worried' about level of yen UPDATE 