ECB's Duisenberg prays for gradual dollar decline

Wim Duisenberg has said that a fall in the dollar was "unavoidable" considering the "huge" trade deficit the United States has. The outgoing ECB president said in an interview "We hope and pray that this adjustment, which is unavoidable, will be slow and gradual. We will do everything in our power to make it slow and gradual. Until now, the adjustment is only against the euro."

Source: Financial Times

The European Central Bank is unlikely to intervene to temper the euro's appreciation against the

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