French PM Valls Welcomes Euro Drop, Praises ECB
January 27 2015 - 01:24PM
Dow Jones News
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