French Finance Minister Pierre Moscovici called for a coordinated international approach to stabilizing exchange rates, denouncing the “aggressive” currency-management policies of some countries.
“Exchange rates can’t be subject to moods or speculation,” Moscovici told reporters before a meeting of euro-area finance ministers in Brussels today.
“I’m pleading for a coordinated approach at the international level which enables exchange-rate stability and also that these exchange rates reflect the fundamentals of our economies.”
Looking ahead to this week’s Group of 20 meeting in Moscow, Moscovici said the easing of the European debt crisis and “factors that relate to more aggressive practices by some of our partners” are responsible for the euro’s rally. He didn’t name the countries.
Earlier, the chairman of the euro ministers’ group, Dutch Finance Minister Jeroen Dijsselbloem, said the euro’s appreciation is likely to come up today in the discussion of the euro area’s economic situation.