BRUSSELS, July 9 The single European currency is
not too strong and the European Central Bank should not go
beyond its mandate to influence the exchange rate, ECB Governing
Council member Luc Coene said in a newspaper interview published
"It is wrong to say the euro is very strong. Just before the
financial crisis, we have to remember, the euro pointed towards
$1.60," Coene told Belgian newspaper Le Soir.
Coene added that it was dangerous to compare the euro to the
Swiss franc, where the central bank had intervened to keep the
currency low, as the market for francs was much smaller.
"The market for euros is so large that one would have to
waste considerable financial resources to have a very random
result," he said.
Coene said that the European Central Bank's mandate was to
control interest rates and inflation and that any effect on
exchange rates was unintended.
"We'll do what we will have to do in terms of monetary
politics but we should not go further," he said.
(Reporting by Robert-Jan Bartunek; Editing by Kim Coghill)