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Business

ECB's Issing "Worried" over Euro Rise

European Central Bank Chief Economist Otmar Issing said on Friday the bank is “worried” about the fluctuations in the euro's exchange rate, according to Bloomberg News. Issing joins five other European central bankers that have this week voiced concern about the euro's recent surge against the U.S. dollar. ECB President Jean-Claude Trichet this week said “brutal moves” on the foreign exchange market are “not welcome and not appropriate.” The euro has gained 18 percent in the past year and reached a record $1.2899 on Monday, Bloomberg said. European exporters are beginning to worry the strong euro could make their goods too expensive abroad, which could in turn hurt the Europe’s economic recovery.