BNB's Quaden: Further euro rise 'not desirable'

Belgian National Bank governor Guy Quaden said at the release of the central bank's annual report that any further rise of the euro is "not desirable".

Quaden said the positive impact of the US recovery had outweighed any negative effect from the strengthening of the euro against the dollar.

But he added: "A new appreciation of the euro is not desirable."

On the eurozone's fiscal rules he said "the philosophy of the (stability and growth) pact should not be changed".

He described the outlook for

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