By William Horobin

PARIS--French Prime Minister Manuel Valls said Tuesday the European Central Bank and its policies have contributed to bringing the euro back to a level that is appropriate for the European economy.

The single currency has fallen around 18% from highs in the spring of 2014, when Mr. Valls criticized the ECB for having the least expansionary monetary policy of major central banks. At the time, he said the strong euro was weighing on the competitiveness of French business and holding back exports.

Since then the ECB has cut interest rates and last week announced a massive bond-buying program, known as quantitative easing.

"I said in April that the euro was too strong and too expensive. The choices, notably of the European Central Bank, have allowed us to get back to a level of the euro that corresponds to what is needed for the European Union," Mr. Valls said.

Write to William Horobin at william.horobin@wsj.com