PARIS (Reuters) - European Central Bank President Mario Draghi said on Wednesday the bank was watching developments in the euro exchange rate even though it was not one of its formal targets.
“The exchange rate is not a policy target for the ECB. However, the exchange rate is important for growth and price stability,” he told a news conferencein Paris after the ECB had left interest rates unchanged.
“We are attentive to these developments,” he said, referring to the euro’s recent rise.
The euro is near a two-year high against a trade-weighted basket of currencies.
Reporting by Jeremy Gaunt