FRANKFURT, Germany — A member of the European Central Bank’s governing council has warned that any government attempts to push the euro lower could backfire.
Jens Weidmann said Monday in the text of a speech that “politically brought about devaluations” do not lead to improved economic competitiveness. He also said indicators suggest the euro is “not seriously overvalued.”
The euro has strengthened recently, raising concern it will hurt exports from the 17 euro countries. French President Francois Hollande has suggested the eurozone needs to manage its exchange rate.
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