European Central Bank (ECB) President Mario Draghi on Monday rejected Washington’s accusation of currency manipulating.

“We are not currency manipulators,” Xinhua quoted said Draghi at the European Parliament’s economic and monetary affairs committee as saying.

The remarks came after Peter Navarro, head of the US National Trade Council, reportedly said the euro was like an “implicit Deutsche Mark” whose low valuation gave Germany an advantage over its main partners.

Navarro, as well, said Germany used a “grossly undervalued” euro to exploit the US and its European Union (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.

Draghi also slammed US President Donald Trump’s policy of loosening bank regulations which were introduced after the 2008 financial crisis, saying Washington’s idea was “very worrisome.”