Bundesbank Chief Issues Currency Warning: Bank President...

Bundesbank Chief Issues Currency Warning: Bank President Hans Tietmeyer said countries not taking part in a European monetary union must not devalue their currencies in order to gain trade advantages. “There may be no competitive devaluations between the core group and the ‘stragglers,’ nor may there be any artificial defense of exchange rates that are no longer realistic,” he said. His comments address concerns in Germany that countries not initially using the new currency will cheapen their currencies to gain an edge on German exporters.