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Weidmann -strong euro alone no grounds for ECB action
February 15, 2013 / 8:06 AM / in 5 years

Weidmann -strong euro alone no grounds for ECB action

FRANKFURT, Feb 15 (Reuters) - The European Central Bank will not use the euro’s impact on inflation alone as grounds for taking monetary policy decisions, ECB policymaker Jens Weidmann said, adding that he feared a “politicization” of exchange rates.

In an interview with Bloomberg, Weidmann added that the euro’s exchange rate was broadly in line with fundamentals and that the ECB would abstain from manipulating or directly targeting the currency’s level.

The euro’s strength “is one factor among many in determining future inflation rates”, Weidmann, who heads Germany’s Bundesbank said in the interview conducted on Feb. 13.

He added: “We will certainly not justify any monetary policy decision with one single factor”.

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