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ECB's Constancio expects G20 floating FX commitment
February 12, 2013 / 9:16 AM / 5 years ago

ECB's Constancio expects G20 floating FX commitment

HELSINKI, Feb 12 (Reuters) - 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.

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