Euro weakness must be seen in context - Schioppa

European Central Bank council member Tommaso Padoa-Schioppa on Saturday said that the euro's current weakness needed to be judged in light of historical exaggerations in currency swings.

Since the collapse of the Bretton Woods agreement that fixed foreign exchange rates from the end of World War Two to the 1970s, there have been no attempts to impose a new regime governing currency rates, he said.

"Since then, there have been periods where currencies have reached very high or very low levels,"