European Central Bank President Mario Draghi has said there is no such thing as currency war raging at this moment.
"There is no currency war," Draghi said in the question-and-answer session after a speech at the University of Amsterdam.
"The exchange rate for us is not a policy target but it is very important for price stability and growth,'' he added.
Mr Draghi also repeated that the ECB was looking for ways to help small and medium-sized enterprises (SMEs) access to bank loans.
The ECB chief told the University that governments must act quickly to set up an authority that can wind down busted banks and protect states from heavy losses.
Mr Draghi said that the euro zone countries need such an authority to have the power to restructure or close down banks. Troubled banks have contributed to the bloc's three-year debt crisis.
Most recently, they helped pull down the public finances of Cyprus, which became the latest euro zone country to need a bailout.
Mr Draghi said such an authority would wind up banks "without reinforcing the vicious link between banks" and government finances.
European leaders have said they intend to set up such a resolution authority but action on the proposal has lagged.
