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Arguably Europe’s most powerful central banker, Jens Weidman, the chief of Bundesbank has retaliated against the claims made by top trade advisor to US President Donald Trump, Peter Navarro, who called Germany a currency exploiter, benefiting from weaker euro. Mr. Weidman called the claim as absurd.
Mr. Weidman said that the German firms are successful exporters because they are well positioned in the global markets and can convince people with innovative products. He added, “the accusation that Germany is exploiting the USA and other countries with an undervalued currency is more than mistaken." He explained that Germany can no longer control interest rates as well as money printing, that is a power given to the European Central Bank, which sets the monetary policy for all of its 19 members.
Mr. Navarro had tried to imply that the exchange rate for Germany would have been much higher, had it not joined the euro and used its Deutsche Mark. Even with euro, the OECD measures show that the currency is undervalued against the dollar by as much as 25 percent.
However, Mr. Weidman went further by saying that the recent rise in the dollar has been homemade, triggered by political announcements of the new government. He, however, called on the European Central Bank (ECB) to start winding its purchases as the inflation objective remains almost reached.
