ECB Sees No Need for Currency Interventions Now, Nowotny Says

European Central Bank Governing Council member Ewald Nowotny said he sees no “immediate” need for intervening in currency markets because the euro’s exchange rate against the dollar is in a “normal range.”

The euro’s gains against the Japanese yen are also not dramatic, Nowotny told journalists in Vienna today. He reiterated ECB President Mario Draghi’s stance that exchange rates are only a concern if they put price stability at risk.

“The euro-dollar exchange rate is in a region we’ve had before,” Nowotny said. “There is an appreciation of the euro to the yen, but not to a dramatic extent. That means if it stays as it is now, this discussion isn’t real.”

To contact the reporter on this story: Boris Groendahl in Vienna at

To contact the editor responsible for this story: Frank Connelly at

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