23 December 2003, 10:27  EU's Lamy says euro rate "not yet worrying"

PARIS, Dec 23 - European trade chief Pascal Lamy said on Tuesday the euro's current value was "not yet worrying" but it was essential that currency movements did not happen too fast. Asked whether the current euro rate was lasting or worrying, Lamy told RTL radio: "Lasting? Yes. Worrying? Not yet." "It's not the euro that is strong but the dollar which is weak," said Lamy, the European Union's trade commissioner. "There are some good reasons why the dollar is weak and becomes weaker if you look at the indebtedness of the U.S. economy and if you look at its disequilibria. "This movement seems normal to me. There is nothing surprising. The essential thing is that it happens in a controlled manner, that means: not too fast," he added. The euro climbed to the latest series of record highs against the dollar on Monday, reaching above $1.2445. French Trade Minister Francois Loos said last week France sought a stable euro exchange rate, and Finance Minister Francis Mer has said the euro could cause problems if it climbs higher.//

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