European governments should reform their economies to improve competitiveness, rather than urge the European Central Bank (ECB) to step up measures to temper the strength of the euro, ECB Board Member Peter Praet said Wednesday.
The comments come a day after the Airbus chief executive complained about the strength of the single currency, echoing comments made by France's President Francois Hollande and Prime Minister Manuel Valls. France failed to grow in the first quarter of this year after household expenditure and exports slowed considerably.
Praet, speaking to CNBC in Paris, insisted reform, innovation and efficiency were key to competitiveness, while the exchange rate was no more than a short-term aid.
"The experience with exchange rates usually shows you that the exchange rate is not really the solution to the problems that you have," he said.
Praet said the central bank did not see a risk of deflation in the euro zone, but warned there were risks to growth in the region.