IMF chief says euro value ‘solid’

Dubai: International Monetary Fund first deputy managing director John Lipsky said that the euro has a “solid” value and that any notion that the currency is under threat is exaggerated.

“Shoring up the euro is a rather loaded phrase,” Lipsky said in an interview in Dubai at the World Economic Forum Summit on the Global Agenda, when asked about efforts to support the currency zone. “The euro trades very freely all day, every day. The value is solid and it seems broadly appropriate. Sure, there are near-term concerns of one type or another,” though “the notion that the euro is under threat is wildly exaggerated given what’s happening in markets.”