ECB never tries to manipulate euro rate, says French finance minister
The European Central Bank never tries to manipulate the euro exchange rate for trade or competitive policy reasons, French Finance Minister Michel Sapin said in an interview published on Monday, Reuters news reads.
According to the same source, U.S. President Donald Trump's top trade adviser, Peter Navarro, this month said Germany was exploiting the exchange rate for trade purposes. German Chancellor Angela Merkel was among those who said the comments were off the mark.
"These attacks clearly make no sense for a number of reasons," Sapin told the Handelsblatt newspaper. He said the euro moved freely and the ECB made its monetary policy decisions independent of member countries.
"The ECB never tries to manipulate the exchange rate of the euro to achieve trade or competitive policy goals," he said.
Sapin said he hoped that Trump would understand quickly how advantageous and important ties with the European Union were for the well-being of the United States.
He said EU officials were still trying to lift growth in the bloc and push for structural reforms in some states, but it also important for countries like Germany to increase investments.