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To: yard_man who wrote (3572)	12/18/2003 4:47:32 AM
From: Haim R. Branisteanu	Respond to of 110194

EU's Prodi Says Euro Gain Makes Recovery `Difficult' (Update3) (EUR mania time) Dec. 18 (Bloomberg) -- European Commission President Romano Prodi said the euro's gain to a record against the dollar is curbing Europe's recovery from the weakest growth in a decade. ``I've no desire to see the euro appreciate because I think that we have already some difficulties,'' Prodi said in a televised interview with Bloomberg News in Brussels. A more expensive euro poses ``remarkable difficulties to the speed of recovery.'' ......................................... The ECB shouldn't ``manipulate'' the euro's exchange rate because ``this is not what is done in a civilized financial market,'' Prodi said. The bank could help the economy by lowering borrowing costs further, he said. The ECB last cut its benchmark lending rate in June to a half-century low of 2 percent. ``Another decrease could help but it wouldn't be the strongest thing,'' Prodi said. ``Interest rates are already pretty low. It's not as if there can be radical changes of policy. There can be, I think, rather modest adjustments.'' quote.bloomberg.com