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Merkel Adviser Calls for Swiss-Style Intervention for Euro: Welt 2014-05-11 00:00:00.0 GMT
By Christoph Rauwald May 11 (Bloomberg) -- ECB should “define a clear exchange rate target and defend it,” Sunday edition of Die Welt cites Peter Bofinger, an economic adviser to German Chancellor Angela Merkel, as saying in interview. * ECB should follow example of Swiss National Bank * Says exchange rates moves largely detached from macroeconomic facts, which justifies intervention by central banks * Says strong euro jeopardizing efforts by European crisis states to reduce labor costs, improve competitiveness * NOTE: Related story: French Call for ECB Action on Euro Said to Rile German Lawmakers NSN N5BFCC6TTDSM <GO> * NOTE: Related story: Euro Falls Most in Seven Weeks as Draghi Signals Easing in June NSN N5BSGW6KLVRI <GO>
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To contact the reporter on this story: Christoph Rauwald in Frankfurt at +49-69-9204-1146 or crauwald@bloomberg.net To contact the editors responsible for this story: Chad Thomas at +49-30-70010-6232 or cthomas16@bloomberg.net John Deane, Ash Kumar