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ECB's Villeroy says Trump's administration should refrain from FX comments
February 7, 2017 / 7:46 AM / 10 months ago

ECB's Villeroy says Trump's administration should refrain from FX comments

PARIS (Reuters) - Bank of France Governor Francois Villeroy de Galhau said in a newspaper interview on Tuesday that policymakers should refrain from making unilateral comments on exchange rates, in a reply to criticism of a low euro from the administration of U.S. President Donald Trump.

Governor of the Bank of France Francois Villeroy de Galhau attends a press conference after the Franco-German Financial Council meeting in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt

Villeroy, a member of the European Central Bank’s Governing Council, added that an international code of conduct for the Group of Seven (G7) advised against competitive devaluations and making unilateral declarations on currencies’ exchange rates.

“Before criticising Europe, any wise person should first of all respect international rules,” he said in an interview with the Italian daily Il Sole 24 Ore, published on Tuesday.

In an attack on Germany, Trump’s top trade adviser, Peter Navarro, said the euro was “grossly undervalued”.

Reporting by Michel Rose; Editing by Kevin Liffey

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