June 15, 2003	Sunday	Rabi-us-Sani 14, 1424

CERNOBBIO, June 14: European Central Bank (ECB) board member Tommaso Padoa-Schioppa said on Saturday the current euro-dollar exchange rate does not raise serious concern as it is within the long-term average.

The euro has recently been surging against the US dollar, triggering fears that too strong a euro would undermine the EU economy, making it less competitive with the US.

I see a lot of concern (about the euro-dollar) exchange rate today, Padoa-Schioppa said during a conference on US and Italian economic relations.

The exchange rate does not raise serious concern. The current exchange rate is on the long-term average, he said.—Reuters