Euro rate not major target for ECB says Issing

European Central Bank chief economist Otmar Issing said the euro foreign exchange rate is not a major target of the ECB's monetary policy strategies but does play an important role in the assessment of price risk.

Issing sought to downplay negative effects of the euro's rise in value by focusing on the eurozone's economic rebound.

"We expect the recovery to broaden and strengthen during 2004," ECB chief economist Otmar Issing said in an interview with the quarterly journal Central Banking.

"Our

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