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Several quotes in the article are a little less alarmist than the headlines:
- "In the last few weeks there has been an appreciation of the euro, which is always worrisome when you have weak demand, especially as the euro area is the most open economy in the world and unusually dependent on global demand," said one council member.
- "The problem is that the Fed has already decided and so the market may interpret interest rates as being structurally higher in the euro area, which could lead to a further appreciation of the euro," they said.
- "It is a growing concern, though it is not yet huge, and if the trend continues it will be a concern and we will have to watch it," said a second council member, adding that the euro's rise was likely to require the ECB to further cut its inflation forecast next week.
- "What we have seen reflects the positive story (re: the recovery fund). . . but it also reflects the starting point at which the euro was probably undervalued against the dollar," said the third council member. "It isn't that concerning today but it could become a problem."