European Central Bank board member Nagel plays down concerns about a strong euro harming exports.

Joachim Nagel, a member of the European Central Bank's executive board, downplayed concerns that a stronger euro could harm exporters by weakening competitiveness. The euro has risen by nearly 14% against the US dollar so far this year, but the German central bank chief stated in a speech on Monday that it is more meaningful to compare the euro's performance with a broader set of trading partners, which shows a much smaller appreciation. "Focusing solely on the euro against the dollar would exaggerate the pressure on the local export economy," Nagel said. "Overall, I am not concerned about the current valuation level of the euro."