Euro sinks to 12-year low in value against the dollar

ECB's quantitative easing programme and deepening of Greek crisis among the factors sending the euro down and boosting prospects for eurozone exporters

A fresh plunge in the value of the euro against the dollar was shrugged off by the European Central Bank (ECB) on Wednesday as it said its new growth-boosting policy would work without triggering a global currency war.

With the euro on course to dive below parity against the dollar within the next few weeks, one of the ECB's senior policymakers denied that Frankfurt was deliberately driving the single currency lower in an attempt to secure a competitive advantage.