[ECB PRESIDENT TRICHET] h
By[ECB PRESIDENT TRICHET] has been speaking on foreign exchange,
saying this is no time to be complacent as current currency issues call
for great prudence & we are facing a 'decisive' year. Trichet commented
that volatility & erratic movements in exchange rates have adverse effects
& implications for both economic & financial stability. The ECB
appreciates the recent US remarks on the strong dollar, a dollar that is
credible among the major currencies of advanced economies is in the
interest of the US & he shares that view totally. He called for more FX
rate flexibility in emerging markets, he suggests the international
community thinks refraining from competitive devaluation is in the
interest of emerging markets & the swift implementation of BaselIII is
crucially important. Lastly, he added all non-standard measures are
temporary in nature
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