Bundesbank chief says devaluations a distraction

JOUY-EN-JOSAS, France Mon Feb 25, 2013 11:44am EST

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JOUY-EN-JOSAS, France Feb 25 (Reuters) - Competitive currency devaluations only distract countries from tackling the real economic challenges they face, Bundesbank chief Jens Weidmann said on Monday, welcoming that recent French calls for action on the euro's strength have subsided.

"My point has been that in the end a competitive devaluation knows no winners," Weidmann said in a discussion at a French business school near Paris. "At the end of the race nobody wins and it only distracts from the real challenges that we face."

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