EU Commissioner Tajani has his personal view is that euro is too strong

MILAN Mon Jul 1, 2013 10:53am EDT

Vice President of the European Commission Antonio Tajani meets EU officials to discuss plans to close ArcelorMittal plants at the EU Commission in Brussels February 12, 2013. REUTERS/Laurent Dubrule

Vice President of the European Commission Antonio Tajani meets EU officials to discuss plans to close ArcelorMittal plants at the EU Commission in Brussels February 12, 2013.

Credit: Reuters/Laurent Dubrule

MILAN (Reuters) - European Commission Vice President Antonio Tajani said on Monday the euro was overvalued in general terms and that the currency bloc needed a more active foreign exchange policy.

"The euro is too strong," said Tajani, who is responsible for industry at the European Union executive.

He emphasized that this was his personal view and that he was not speaking on the behalf of the Commission.

"The common currency is not a goal by itself... We need a central bank able to manage (the currency) like the Federal Reserve does," Tajani said during a business conference in Milan.

(Reporting by Elvira Pollina; writing by Francesca Landini Editing by Jeremy Gaunt.)