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French PM says ECB must do more to tackle overvalued euro

PARIS (Reuters) - French Prime Minister Manuel Valls reiterated on Sunday calls for the European Central Bank to go "further" in tackling the problem of an overvalued euro.

Speaking at a Socialist party gathering in La Rochelle, Valls said the ECB's June decision to cut interest rates was a "strong signal" but more was needed.

"The ECB is finally acting to sustain growth, but it must go even further," Valls said.

On Thursday, Socialist President Francois Hollande cited the deflationary risk from the weakened euro and said the ECB needed to do more to fight it and boost growth.

ECB President Mario Draghi hinted last week that weak euro zone growth and inflation could push the body to implement a broad-based asset purchase program.

(Reporting By Alexandria Sage; Editing by Hugh Lawson)

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