As far as the exchange rate is concerned, I will say what I signed at the meeting of the G7 on 14 April, namely that “excess volatility and disorderly movements in exchange rates are undesirable for economic growth.” I will also repeat that I have noted that the Japanese authorities have said they believe the Japanese economy to be on a sustainable path of recovery and that the exchange rates should reflect these economic fundamentals.
2  BIS Review 48/2007  As regards the use of the euro at a global level, the ECB is neutral. We do not campaign for the international use of the euro. That has been our position since the euro was introduced, and that remains our position.