European Central Bank President Mr Wim Duisenberg said in a newspaper interview today he thought the fall of the euro was over and that the beleaguered currency had strong growth potential.
|
|
European Central Bank President Mr Wim Duisenberg
|
But markets across Europe are quiet today before the US Federal Reserve announcement on interest rates due early this evening. The rate cut is expected to be either a quarter or half a per cent and may be the last cut for some time.
"The depreciation of the euro is over," he said in an interview with Italy's La Repubblicanewspaper.
"The currency has a strong potential for growth," he said. Mr Duisenberg also said euro zone inflation would drop over the next few months, and would be just below 2 per cent in 2002.
The ECB president said he may not finish his eight-year mandate: "I don't think it is probable, given my age, that I will serve my full eight-year term.
"But the decision to step down will be mine and mine only."