Trichet Defends Euro's Strength - by Andrew Monahan and Takashi Nakamichi
The European Central Bank's chief Friday brushed aside the view that the euro is weak, while saying that he is "very appreciative" of U.S. policy makers sticking to their strong dollar policy. Jean-Claude Trichet also signaled that the central bank may announce extraordinary measures for financial institutions at its next monetary policy meeting on May 7. At a seminar in Tokyo, Mr. Trichet said the view that the euro is weak "doesn't really seem to reflect the present situation." "When we started the euro," he said, "the euro-dollar (exchange rate) was at $1.17; at the moment I'm speaking, we are at around something like $1.31.
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