ECB closely monitoring strengthening of euro

Bloomberg

The European Central Bank (ECB) is closely monitoring the euro’s strengthening against the US dollar, Governing
Council member Olli Rehn told
Germany’s Boersen-Zeitung.
While the ECB doesn’t target the exchange rate, “that does not mean that the appreciation is not important,” as it leads to a loss of competitiveness and affects the outlook for growth and inflation, Rehn, the Finnish central bank governor, was cited by the newspaper as saying. “We monitor exchange-rate developments very closely and we will continue to do so in the future.”
ECB Executive Board member Isabel Schnabel has said that several factors are behind the development, including prospects of a faster global
recovery.