Germany's Merkel: euro between $1.30-1.40 is normal
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States should not attempt to actively influence their currencies' exchange rates, German Chancellor Angela Merkel said on Wednesday, adding that the euro trading between $1.30 and $1.40 was not out of the ordinary.
"We are not in favour of an active exchange rate policy," Merkel said at an event to mark the 50th anniversary of the government's panel of economic advisers. She added heads of state and government would take a look at a Group of 20 summit in September whether all member states had stuck to free and market based rates.
"We are seeing fears and concerns in southern Europe, where people are working very hard with stable exchange rates to reduce labour unit costs and are now seeing that this can melt away like snow in the sun, but on the other hand a euro between $1.30 and $1.40 is normal in the historical perspective of the euro," Merkel said.
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