ECB silent on the euro

If the euro drops to a record low and nobody from the European Central Bank tells us how undervalued it is, does it make a sound? By now we should have been inundated with ECB speeches, peppered with phrases such as '. . . poised to rally . . . not reflecting fundamentals . . . a strong euro is in the interests of the euro area . ..'' Instead, Wim Duisenberg and his team seem to have taken a vow of silence on the currency. While this is a welcome development, it's puzzling. So far in the euro's nasty, brutish and short existence, each new drop has been accompanied by a chorus of central...