February 15, 2013 / 9:00 AM / in 5 years

Draghi: FX talk "inappropriate, fruitless, self defeating"

MOSCOW, Feb 15 (Reuters) - European Central Bank President Mario Draghi said on Friday that he considered loose talk on currencies to be “inappropriate, fruitless and self-defeating”.

Speaking in Moscow ahead of a meeting of Group of 20 finance officials, Draghi declined - in line with policy - to say whether the euro’s exchange rate was appropriate but noted it was in line with long-term averages in nominal and real terms.

He declined to pre-empt a debate on the wording of a G20 communique on currencies and borrowing by governments, but made it clear that he favoured structural reforms as a path to growth rather than ramping up state borrowing.

“We don’t believe that inflating budget deficits to create demand is sustainable,” Draghi told a news conference after talks with Russian central bank officials.

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