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ECB's Noyer-fx situation needs coordinated action
PARIS - European Central Bank Governing Council member Christian Noyer said on Wednesday the current exchange rate environment called for coordinated and resolute action on the part of major economies. ‘We are experiencing a period characterised by large and disorderly fluctuations in the main currencies of developed countries and by an insufficient flexibility in numerous currencies of emerging countries, which unquestionably calls for resolute and coordinated action by the big countries,’ he said.
Presenting the Bank of France's annual report, Noyer highlighted the contrast between the free movement of capital and the varying degrees of flexibility in different exchange rate regimes around the world.
He said addressing global imbalances called for a greater flexibility in exchange rate regimes, particularly in those countries which were running large current account surpluses. He did not specify any countries.
‘A greater flexibility in the exchange rate regimes appears moreover to be in the interest of the emerging countries themselves,’ he added.
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