Monday April 21, 2008 - 19:06:40 GMT
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CEP News - www.economicnews.ca
ECB's Papademos Says Bank, G7 Worried About FX Movements
14:13 04/21 (CEP News) Frankfurt - While answering questions after presenting the European Central Bank‚Äôs 2007 Annual Report on Monday in Strasbourg, France, ECB Vice-President Lucas Papademos said that the euro‚Äôs recent moves are characterized by sharp fluctuations and that both the ECB and the G7 were worried about exchange rate movements.
Papademos also stressed that the exchange rate was not due to the difference between the growth rate and inflation and that structural reforms would reduce such differentials.
The ECB Vice-President added that differences between the euro zone economic growth rate and inflation were less than that in the U.S. and would need to be watched closely.
Previous market commentary suggests Papademos is neutral on inflation and growth.
By Todd Wailoo, [email protected], edited by Nancy Girgis, [email protected]
(END) ¬©CEP Newswires - ¬©CEP News Ltd. 2008. All Rights Reserved. www.economicnews.ca
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