Monday, February 6, 2017

Draghi: “We do not manipulate the exchange rate” – FAZ – Frankfurter Allgemeine Zeitung

Frankfurt/Main (dpa) – The President of the European Central Bank (ECB), Mario Draghi, has rejected exchange-rate manipulation accusations from the United States.

“We are not currency manipulators,” said Draghi before the economic and monetary Committee of the EU Parliament in Brussels.

The ECB last intervened in 2011, the foreign exchange market. At the time, the interventions were carried out, but in the context of the G7 countries and have been denied. Most recently, in the 1970s and 1980s, a competitive Devaluation, he said.

U.S. President consultant Peter Navarro had accused Germany to benefit his trade relations from an “extremely under-valued implicit Deutsche Mark”. He accused Germany, the USA and the EU-partners due to a weak Euro to “exploit”. Draghi referred here to the statements of the U.S. Treasury, according to which Germany is not manipulating the exchange rate.

the President of The ECB spoke out against a withdrawal of the financial crisis and the implemented regulations of the financial sector. This would have contributed to a stabilization of the financial system. US President, Donald Trump had put on Friday with a arrangement, the more stringent regulations for the US financial industry from the time of the financial crisis in question.

on the Occasion of the 25th anniversary of the Maastricht Treaty, the basis for the introduction of the Euro were laid out, defended Draghi, the common currency as a stability guarantor. The Euro area is after years of crisis in a right way.

“The unemployment rate has fallen to 9.6 percent, the lowest level since may 2009. The ratio of public debt relative to economic output now falls, for the second year in a row,” said Draghi. The reason for this is that a number of States have managed to successful structural reforms. This path should be continued.

The green MEP Philippe Lamberts criticized, however, the Maastricht Treaty criteria of a permissible borrowing of a maximum of three percent of economic output and a total debt of no more than 60 percent of the gross domestic product (GDP) lacked any reasonable basis. “It is high time to rethink these rules,” said Lamberts. Especially in times in which there with the economy going downhill, would have to allow more investment.


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