The euro's exchange rate is less important than the stature it has attained on the international financial markets since its 1999 launch, European Commission President Mr Romano Prodi said today.
"The euro is a new protagonist in the world economy and I don't care if (it is at) $1.09 or $1.18 or $1.00 even," he told a press conference.
The euro rose to record highs against other major currencies earlier this year, eroding euro zone exporters' competitiveness and the value of their foreign currency earnings at a time when global demand was already weak.
But it has since retreated and earlier today hit four-month lows against the dollar and five-month lows against the yen.
Mr Prodi also said that the Commission would like to see Sweden, which will hold a referendum on euro entry on September 14th, join the single currency club but that the decision was up to the Swedish people.
"The message is of course that we would like to have Sweden as a new member of the euro...but I shall never interfere in the internal debate."