Strength ‘reflects fundamentals’

THE strength of the euro reflects the strong fundamentals of the eurozone, Finance Minister Brian Cowen said.

Asked if he was worried by the euro’s rise, Mr Cowen told reporters: “The bottom line on all exchange rate issues is that the economic fundamentals of the euro area are strong and we have every confidence in the stability of our currency.”

Asked if the European Central Bank was right to consider a rate rise at its last meeting amid signs of slowing growth and high inflation, Mr Cowen said: “I have full confidence in the ECB. I am very supportive of the ECB and have full confidence in the judgment of the governors.”