The chairman of the euro zone's finance ministers Mr Didier Reynders of Belgium said today ministers were more concerned about growth than the euro's exchange rate but said growth prospects remained good.
Mr Reynders, attending the European Central Bank's Governing Council meeting in Frankfurt, declined to comment on the ECB's current monetary stance amid growing pressure on the bank to cut its 4.75 per cent benchmark interest rate to fuel growth.
Mr Reynders said he favoured a strong euro that he said went together with a strong economy.
Asked if he thought the euro should be stronger given current economic developments Mr Reynders said: "We are not so concerned about the euro. For now we are more concerned about the economoic situation than the euro."
Mr Reynders said he saw euro zone growth at between 2.5 and 3 per cent in both 2001 and 2002 which he said was a good development but not exceptional.