Europe views volatile and brutal currency movements as unwelcome, but the world's top central bankers did not discuss foreign exchange moves as a risk to a growing global recovery, Group of 10 chairman Mr Jean-Claude Trichet said today.
The comments, following a meeting of central bankers representing 10 of the world's major economies, steps up European pressure to temper the declines in the fast-falling dollar though it appeared other nations were reluctant to join in.
"There was a mention by Europe that excess volatility and brutal moves were not welcome and not appropriate," Mr Trichet, who also heads the European Central Bank, said at a news conference after the G10 meeting.
"We are concerned. We are not indifferent," he said, referring to Europe. Although Japan did express similar views, Mr Trichet told reporters that currencies did not predominate in a discussion that focused on building global economic recovery.
The euro, which reached fresh record highs against the dollar today, slipped after Mr Trichet used tough language to state that Europe opposes volatility. It was trading at $1.2837, down from $1.2852 before the news conference.
"We have clearly a confirmation that global growth is there, and that it is steady, and that it is observable now in all regions in the world. So this is a global phenomenon which is confirmed and which seems strong," he said.