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Koehler hails Friday's intervention by ECB
REUTERS
Prague, Sept 26: Friday's concerted central bank intervention was a welcome move which helped bring Europe's single currency better in line with fundamentals, the head of the International Monetary Fund said on Tuesday. "I welcome the action taken by the European Central Bank, together with other major central banks, to bring the euro better in line with the fundamentals of the European economy," IMF managing director Horst Koehler told the Fund's opening meetings. "This action also demonstrates the institutional maturity of the ECB," he added. Mr Koehler said higher oil prices were hurting developing countries and he said producers and consumers agreed current "excessively high" prices were in the interest of neither. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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