ECB Issing - Euro undervalued deficit targets stay

SPAIN - European Central Bank Chief Economist Otmar Issing said Friday that the euro is undervalued and that he remains confident that the currency's value will rise in the future.

"We are convinced the euro is undervalued and this will change but nobody knows when," Issing told reporters after a speech on the euro at the Bank of Spain in Madrid.

"We are confident that the external value over time will reflect the internal stability (of the euro-zone economies)," Issing said.

The euro has fallen

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