ECB’s Nagel Plays Down Fears That Strong Euro Will Hurt Exports

European Central Bank Governing Council member Joachim Nagel played down concerns that the euro’s appreciation could weigh on exporters by curbing competitiveness.

While the common currency has strengthened almost 14% against the dollar this year, the Bundesbank president argued Monday in a speech that it’s more meaningful to compare its performance against a broader group of trading partners. Such an analysis reveals a much smaller appreciation, he said.

“Simply looking at the euro’s gains against the US dollar therefore exaggerates the extent to which the local export economy is being burdened,” Nagel said. “Overall, I’m not concerned about the current ...