PARIS May 23 The European Central Bank should
take account of the euro's exchange rate in its monetary policy
deliberations, ECB policymaker Benoit Coeure said on Friday,
adding that central banks need to cooperate to avoid a currency
In a speech on "Currency wars and the Future of the
International Monetary System", Coeure asked whether, from the
ECB's perspective, central banks should take account of exchange
rates in monetary policy, whether there is a currency war now,
and whether international cooperation is needed in this regard.
He replied "Yes, but it's complicated," to the question of
whether central banks, in the ECB's view, should look at the
Answering the question of whether there is a currency war,
he said: "No. But it may come, so we need a framework for
cooperation to prevent it occurring."
The G20 doctrine of avoiding competitive devaluations was
still being respected, Coeure told a conference in Paris
organised by the Fondation Maurice Allais, adding this situation
was a "positive sum game" for the world economy.
(Reporting by Paul Taylor and Paul Carrel)