Merkel Says Euro Between $1.30 and $1.40 Shows ‘Normality’
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German Chancellor Angela Merkel dismissed attempts to manipulate exchange rates, saying the present value of the euro against the dollar is within the currency’s normal range.
Merkel, speaking in Berlin today, acknowledged concerns over the euro’s strength in southern European countries that have been “at pains to lower their labor unit costs in a fixed exchange rate regime” only to see the gains “melt away like the snow in the sun under certain conditions.”