Friday, Sep 19, 2014Friday, Sep 19, 2014
News
 

Britain warns against 'economic warfare' on forex at G-20

Published on Feb 16, 2013 3:13 PM
 
France's Finance Minister Pierre Moscovici (left) and Britain's Finance Minister George Osborne at the Ritz Carlton hotel in Moscow on Feb 15, 2013. Mr Osborne warned against "economic warfare" on Saturday, Feb 16, 2013, as the G-20 states of top world economies met, hoping to allay fears they could devalue national currencies to boost economic activity. -- PHOTO: REUTERS

MOSCOW (AFP) - British Finance Minister George Osborne on Saturday warned against "economic warfare" as the G-20 states of top world economies met, hoping to allay fears they could devalue national currencies to boost economic activity.

G-20 finance ministers at their meeting in Russia are later expected to adopt a statement in their communique broadly similar to that issued by the G-7 leading developed economies emphasising that markets alone should set currency exchange rates.

The worries had been set off by the policy of monetary easing to boost inflation and activity by reducing the value of the yen planned by the Japanese authorities under new Prime Minister Shinzo Abe.

"There was a very clear G-7 statement this week," Mr Osborne told reporters in Moscow. "You will see later today that the G-20 will echo what the G-7 has said."

 
If you are not a subscriber, you can get instant, unlimited access here