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ECB Sees No Need for Currency Intervention Now, Nowotny Says

Feb. 18 (Bloomberg) -- ECB Governing Council member Ewald Nowotny said there’s no “immediate” need to intervene in currency markets to lower the value of the euro. * “The euro-dollar rate is moving in a normal range,”

Nowotny, who heads Austria’s central bank, told journalists

in Vienna today. “We as the ECB therefore have no immediate

need to intervene. Let me stress once more: The ECB doesn’t

have an exchange-rate target, we have a price-stability

target.” * Euro’s gains vs yen also aren’t dramatic, Nowotny said,

adding that talk of “currency wars” had no basis in

reality. “There is an appreciation of the euro to the yen,

but not to a dramatic extent,” he said. “That means if it

stays as it is now, this discussion isn’t real.”

For Related News and Information: Search for central bank stories: NSE MONETARY POLICY <GO> Stories on ECB interest rates: STNI ECBACTION <GO> Stories related to the ECB: NI ECB <GO> Euro-region economic stories: TNI ECO EUROP <GO>

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