Any policy to weaken the euro will unleash higher inflation, Jens Weidmann, the head of Germany’s Bundesbank, warned on Monday, at a time of rising fears that the crisis-hit eurozone stands to lose most in a global currency war.
Noting that the recent sharp appreciation of the single currency did not “signal a serious overvaluation”, Mr Weidmann also warned the bloc’s politicians to stay away from the subject, as forced depreciation would not improve competitiveness.
“If more and more countries attempt to depress their currencies, this could lead to competitive devaluations that will only know losers,” he said in a speech.
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