FRANKFURT (Thomson Financial) – European Central Bank board member Lorenzo Bini Smaghi said the ECB can act ‘promptly’ when it needs to intervene in foreign exchange markets. Bini Smaghi said the intervention of autumn 2000 was undertaken under the responsibility of the ECB, but the statement which accompanied the intervention was agreed with the euro group of euro zone finance ministers. But he said there have been occasions when euro zone finance ministers have shown insufficient discipline in their statements on exchange rates, particularly when a euro zone position is being worked out ahead of G7 or IMF meetings. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. read more
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