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Currency exchange rates should be market-based - ECB's Asmussen
February 15, 2013 / 7:36 AM / 5 years ago

Currency exchange rates should be market-based - ECB's Asmussen

BERLIN, Feb 15 (Reuters) - European Central Bank (ECB) executive board member Joerg Asmussen said on Friday ahead of a meeting of finance officials from the Group of 20 nations that the ECB wanted currency exchange rates to remain market-orientated.

“In the last couple of days the Group of Seven biggest industrial nations made clear once again that currency exchange rates should be market-based and that we have no exchange rate targets and that’s true for us at the ECB too,” Asmussen told Germany’s Deutschlandfunk radio.

He added that France need to bring its budget deficit back down to within 3 percent of its gross domestic product (GDP) and stressed that France and Germany had a special responsibility to uphold EU budget rules.

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