FXstreet.com (Barcelona) - ECB head Mario Draghi spoke before the G20 officials gathered in Moscow for the two-day summit, saying that the euro was not overvalued and that its exchange rate was in accordance with long-term averages in nominal and real terms.

“Currency chatter is inappropriate, fruitless and self-defeating,” he declared, adding that the European Central Bank’s mandate was maintaining price stability over the medium term in both directions.

“The exchange rate is not a policy target but it’s important for growth and stability,” he said.

Draghi also reiterated that the ECB’s monetary policy will remain accommodative. He said that economic activity in the Eurozone was seen stabilizing “at low levels” but that further implementation of structural reforms by Member States was crucial for stimulating growth and creating jobs in the area. He also commented on the Eurozone GDP numbers released on Wednesday saying that they were “more negative than expected.”