French Finance Minister Michel Sapin said Friday that Europeans seek "stability over the long term" with the euro "at its current level."

"If we would like to, or we would let known that we would like to, let the euro's value fall further, we would enter a dangerous zone," he said.

Sapin was speaking to journalists after a meeting of the finance ministers and central bankers of the Group of 20 countries where concerns were expressed about volatility in currency and capital markets.

The G20 noted in a statement that diverging growth rates and monetary policies in major economies were stirring more uncertainty and sharp swings in markets.

"There are important challenges including volatility in exchange rates and prolonged low inflation, sustained internal and external imbalances, high public debt and geopolitical tensions," the group said.

The euro moved higher against the dollar late Friday, hitting $1.0809, compared with $1.0761 late Thursday.
Source: AFP