European Central Bank to Trump: 'We Are Not Currency Manipulators'

European Central Bank to Trump: 'We Are Not Currency Manipulators'

The European Central Bank rejected U.S. accusations of currency manipulation on Monday and warned that deregulating the banking industry, now being openly discussed in Washington, could sow the seeds of the next financial crisis.

ECB President Mario Draghi said the idea of easing bank rules was not just worrying but potentially dangerous, threatening the relative stability that has supported the slow but steady recovery.

"The last thing we need at this point in time is the relaxation of regulation," Draghi told the European Parliament's committee on economic affairs in Brussels. "The idea of repeating the conditions that were in place before the crisis is something that is very worrisome."

Draghi also rebuffed accusations by Trump's top trade adviser that Germany, the euro zone's biggest economy, is using a grossly undervalued currency to take advantage of the United States. "First and foremost: we are not currency manipulators", Draghi said.

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