HELSINKI Feb 12 The Group of 20 major
industrialised countries should reaffirm their commitment to
floating foreign exchange rates at their upcoming Moscow
meeting, European Central Bank Vice President Vitor Constancio
said on Tuesday.
"We of course want that everyone else respects those
principles," Constancio told reporters on the sidelines of a
bank regulation conference in Helsinki.
"I expect that these principles will be reaffirmed, pure and
simple," he said when asked what he saw coming out of the G20
meeting this weekend in Russia.
Speaking hypothetically, he added: "Those interventions
would have to be coordinated with the other major floating
currencies. This is just to underline what are the principles
that have been agreed upon internationally."
Constancio also said there is no currency war going on
currently and any notion of one has to be avoided. Floating
exchange rate policies should be respected, he said.
"(The foreign exchange) rate should not be a target of
policies," he added.
Constancio also said he expected ECB March staff growth and
inflation forecasts to be close to the December ones.