6 May 2003, 13:34  German wiseman says euro rise not cause for concern

BERLIN, May 6 - Wolfgang Wiegard, one of he German government's top economic advisers, said on Tuesday the current level of the euro was not a cause for concern as many companies had hedged themselves against its rise. "I'm not especially worried about the euro," Wiegard, one of Germany's five so-called wisemen, told reporters as the European single currency hit a new four-year high against the dollar. He declined to give a specific euro level which would harm German exports. He also said he did not expect the European Central Bank to cut interest rates this month as uncertainty about the economic and inflation outlook remained too great, but he said he could imagine a rate move before the ECB's summer break.//

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