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Euro zone must rethink euro's strength, ECB's role-Tajani
March 25, 2014 / 9:11 AM / 4 years ago

Euro zone must rethink euro's strength, ECB's role-Tajani

MILAN, March 25 (Reuters) - The euro is at present too strong against the dollar and the currency bloc should rethink the role of the European Central Bank, the European Commission vice-president for industry said on Tuesday.

“At 1.4 dollars, the euro hurts the economies of Spain, Italy, France and, in the long run, Germany,” Antonio Tajani said at a conference in Milan.

“Ahead of the European elections we must start a debate on this. We can’t have an industry policy without rethinking our currency,” he said.

The EU Commissioner for industry said the ECB’s mandate should be broadened to include low unemployment besides price stability, like for the U.S. central bank, adding he was aware of German worries about inflation.

“But it’s not as if the Weimar (Republic) is always around the corner,” he said referring to Germany’s experience of hyper-inflation in the inter-war period.

On Tuesday the euro traded just above 1.38 dollars. (Reporting by Elvira Pollina, writing by Valentina Za)

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