MUNICH, May 6 - The rising euro currency is not holding back growth in the euro zone and poses no cause for concern, said European Central Bank Governing Council Member Ernst Welteke on Tuesday. Asked whether the latest rise in the euro gives grounds for worry about the economy, Welteke said: "In our opinion, this is not the case." Welteke, who also is president of the Bundesbank, was speaking to reporters at an event to install a new president for the local Bundesbank office in Munich. The currency vaulted to fresh four-year highs against the dollar on Tuesday, trading at $1.1338 .
The ECB holds a rate setting meeting this Thursday, when it is widely expected to hold official rates steady at 2.50 percent. The rising euro helps dampen inflationary pressures from import prices, but may weaken demand for export goods.//