ECB head Mario Draghi spoke before the G20 officials gathered in
Moscow for the two-day summit, saying that the euro was not
overvalued and that its exchange rate was in accordance with
long-term averages in nominal and real terms.
"Currency chatter is inappropriate, fruitless and self-defeating,"
he declared, adding that the European Central Bank's mandate was
maintaining price stability over the medium term in both
"The exchange rate is not a policy target but it's important for
growth and stability," he said.
Draghi also reiterated that the ECB's monetary policy will remain
accommodative. He said that economic activity in the Eurozone was
seen stabilizing "at low levels" but that further implementation of
structural reforms by Member States was crucial for stimulating
growth and creating jobs in the area. He also commented on the
Eurozone GDP numbers released on Wednesday saying that they were
"more negative than expected."