Spotlight on Currencies at G20 Finance Leaders Summit
22 October 2010
(L-R front row) France's Economy Minister Christine Lagarde, US Treasury Secretary Timothy Geithner, Australia's treasurer Wayne Swan, UK Chancellor of the Exchequer George Osborne, Canada Finance minister Jim Flaherty pose for a group photo at the G20 Finance Ministers and Central Bank Governors meeting in Gyeongju. The G20 must strengthen its credibility by reaching agreement on reforms to the International Monetary Fund at an upcoming summit, South Korean President Lee Myung-Bak said, 22 Oct 2010.
The Group of 20 nations have a consensus on which way they need to go in terms of currencies. That is the word from Canada's finance minister, Jim Flaherty. He spoke Friday just before the G20 finance ministers and central bank governors began their meeting.
"Where we're trying to get to is an action plan that will avoid the temptation by some countries to protect their currencies in different ways," Flaherty said.
None of the G20 members, he explained, wants to be confrontational or leave here without an agreement.
Officials from host South Korea predict some progress will be made on resolving the currency issue.
There are growing concerns that many nations may competitively depreciate their currencies to protect exports.
Many economists, however, caution not to expect any sort of grand bargain similar to the 1985 Plaza Accord, which addressed the value of the U.S. dollar.
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