Draghi backs Germany over currency spat

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Germany has taken some heat recently, with some prominent voices in the US claiming that the country is gaining an unfair boost from weakness in the euro.

ECB chief Mario Draghi is not having it.

Speaking at his regular post-decision press conference, he said:

I don’t think there is any merit in attacking Germany. I answered the same question in the European Parliament two or three weeks ago: the currency of Germany is the euro, the ECB is independent as laid down in the European treaties and statutes; the exchange rate of the euro is determined by market forces.

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