FX.co ★ One for all and all for one: EU stands up against US criticism

Both Germany and France quickly responded to the new US administration's criticism of the currency exploitation and supported the euro. Not long ago, Donald Trump’s trading adviser accused the German government of direct interest in a "grossly undervalued" euro. According to the official, the current euro rate gives the German manufacturers obvious competitive advantage on the global market. German Chancellor Angela Merkel personally denied this speculation, saying that the European Central Bank is completely independent, and the euro exchange rate corresponds to the current situation in the European Union. Perhaps the euro looks weak for Germany, but if we take into account 19 countries that use the euro, this rate is quite moderate and even too high for some states. Governor of the Banque de France François Villeroy de Galhau supported Germany. "Trump and his administration should refrain from currency comments. Firstly, the ECB implements its individual and collective policies to ensure price stability, not for exchange rate adjustment. Secondly, there is a certain international code of conduct agreed upon by the G20, the informal bloc which has advised against making unilateral remarks on currency exchange rates. Before criticizing Europe, any wise person should first of all respect international rules," Villeroy said.