The euro has continued to climb gradually against the dollar, even as differences emerged between German politicians and European Central Bank officials. The euro closed at $0.99 yesterday, up from $0.9867 a day earlier.

Germany's Minister for Finance, Mr Hans Eichel, played down the impact of the euro's recent fall, despite warnings from ECB chief economist Mr Otmar Issing that the currency's weakness could undermine public confidence. Mr Eichel said he saw no problem with the euro's recent decline.