European Central Bank (ECB) President Mario Draghi took the opportunity of the meeting of the G20 in Moscow to criticise all the recent 'chatter' surrounding currency wars and reiterate the ECB's policy stance.

"Currency chatter is inappropriate, fruitless and self-defeating," he proclaimed while repeating that the Eurozone monetary authority did not consider the exchange rate to be one of its policy targets.

Draghi also once again insisted that the euro is not overvalued as it remains near long-term averages.

Fellow ECB Council member and Bundesbank President Jens Weidmann also commented that an appreciation in the euro would be insufficient to trigger rate cuts and backed Draghi's opinion that the recent rise in the single currency is justified by economic fundamentals.

Strength in the euro "is one factor among many in determining future interest rates", he explained, adding that "we will certainly not justify any monetary policy decision based on one single factor".

These comments come as G20 finance ministers and central governors meet in Moscow and work on a communiqué that is expected to back the previous G7 statement that markets should determine exchange rates while attempting to avoid misinterpretations of the central message.

JM

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