The European Central Bank (ECB) President Mario Draghi rejected Washington's accusation of currency manipulating on Monday in Brussels.
"We are not currency manipulators," said Draghi at the European Parliament's Economic and Monetary Affairs Committee.
The remarks came after Peter Navarro, head of the National Trade Council of the United States, reportedly said the euro was like an "implicit Deutsche Mark" whose low valuation gave Germany an advantage over its main partners.
Navarro, as well, criticised Germany used a "grossly undervalued" euro to exploit the United States and its EU partners.
The ECB president said the EU's monetary policies reflected the diverse state of the economic cycle of the eurozone and the United States.
"The single market would not survive with continuous competitive devaluations," the president told parliamentarians.
