ECB’s Villeroy Rebuffs Trump’s Accusations of Euro Manipulation

The European Central Bank’s role is to maintain price stability, not to set foreign-exchange levels, according to Governing Council member Francois Villeroy de Galhau, rebuffing accusations by U.S. President Donald Trump that the region is manipulating the euro for trade benefits.

“Price stability is the first promise that central banks must fulfill,” Villeroy said at an economics conference on Saturday in Aix-en-Provence, southern France. “Our goal for the euro zone is inflation close to 2 percent in the mid-term. I do say a goal of price stability and not a goal of forex. Certain tweets seem to consider that it’s a forex issue but it’s not, the promise is to stabilize prices.”