VIENNA, April 8: EU Economic and Monetary Affairs Commissioner Joaquin Almunia said on Saturday that the present level of the euro was not a problem for the European economy or for eurozone exporters. “The exchange rate is not a problem,” Almunia told a news conference at the end of the meeting of EU finance ministers and central bankers.

“The present level of the euro is no matter of special concern for our exporters,” he added.

Almunia said any problems which Europe had in fostering growth were not the fault of the exchange rate but depended more on the implementation of more structural reforms.

The euro rose at one point this week above $1.23 but lost ground on Thursday after the European Central Bank signalled it would not hike interest rates next month, and on Friday after solid US non-farm payrolls data.

Almunia said the euro’s current level was in line with the average exchange rate of the single European currency and the national currencies that preceded it over the past 25-30 years.

Volkswagen chief executive Bernd Pischetsrieder, who was attending the meeting as a representative of the business community, said exporters would always prefer a weaker exchange rate but have to live with the level of the euro against the dollar.—AFP