Bundesbank president Mr Hans Tietmeyer said yesterday the European Central Bank would remain interested in the euro exchange rate and its policy towards the new currency would not be one of "neglect". "It is true that, in the case of a conflict, the European Central Bank must give priority to internal stability," Mr Tietmeyer said in a speech. "But there won't be neglect in the sense that `the exchange rate is of no interest'," Mr Tietmeyer said.

"No central bank in the world can afford that under a critical scrutiny of international financial markets. It would be also inappropriate given ECB's international responsibility," he added in a text of a speech to be delivered at a financial conference in the West German town of Oestrich-Winkel.