Cooperation is important given the interlinkages between economic areas in today’s globalised world. On the present exchange rates I will only say that the appropriate terms of reference are in the two last communiqués of the G7, in Boca Raton and Washington, where we reiterated exactly the same wording which captured very well our present consensus.
Against this background, I would say that the relationship between the two most widely used international currencies, the US dollar and the euro, should not be perceived as a zero-sum game, where a gain for one currency means a loss for the other.