Top central bankers warned Monday against "brutal moves" in currency markets affected by the weak dollar at a meeting here, European Central Bank (ECB) president Jean-Claude Trichet said.
Asked about the US currency, Trichet said after chairing a meeting of the Group of 10 central bankers in Basel that the Europeans among them had cautioned that volatile exchange rates were unwelcome.
"There was a mention by Europe that excessive volatility and brutal moves are not welcome and not appropriate. That's all what I would like to mention here," he told journalists.
"We are concerned, were not indifferent. We trust that excessive volatility and brutal moves are not welcome. Concern was expressed and it was part of the discussion," he added when questioned about the weakening dollar.
Trichet's own currency, the euro, is under pressure from the dollar's decline, and he pointed to a "very large degree of convergence on the global currency situation" among the G10 central bankers.
On Monday, the euro hit a fresh high of 1.2898, rising well above the previous all-time best of 1.2874 set on Friday.
Trichet's comments echoed similar statements about currency markets last week, when the ECB chief cautioned against "excessive volatility or excessive turbulence" in exchange rates.
Meanwhile, French Prime Minister Jean-Pierre Raffarin added his voice to the sense of unease Monday by pressing European monetary authorities to guide the strong euro to a level "more compatible with economic realities" between Europe and the US.
"I ask, in all consciousness, authorized European spokesmen to remember that exchange volatility is neither in the interest of the United States nor that of Europe," he added, in reference to Trichet.
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