The G20 finance ministers unanimously agreed to avoid the so-called currency wars when national currencies are devalued on purpose to maintain economic growth. Competitive devaluation dominated the meeting?s agenda following the 20% weakening of the Japanese yen as a result of monetary and fiscal policies to reflate national economy. The G20 finance ministers, however, said nothing critical of Tokyo?s policies and agreed to adopt a credible fiscal strategy without manipulating the markets.?
Russia?s Finance Minister Anton Siluanov: ?The year 2013 is expected to set the tone for the economic future of the countries comprising the G20. If we manage to coordinate our efforts we will be able to avoid a recession. This is what we discussed during the meeting. We confirmed our decision to forget about any kind of competition between currencies.??
International Monetary Fund CEO Christine Lagarde referred to the situation with currency markets as evoking ?worries, not wars?.
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The next meeting of G20 finance ministers and bankers during Russia?s presidency over the Group in 2013 is scheduled for April. The ministers then will inform their countries` leaders on the results of the G20 meetings in order to shape the agenda of the summit in Saint Petersburg in autumn.
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Putin and G20 financiers discuss economic rough goings
Ilya Kharlamov
Russia has started its chairmanship in G20. President Vladimir Putin met with finance ministers of G20 member-states in the Kremlin on the 15th of February to discuss the transparency of capital markets, global economic development, boosting investment and creating jobs. The finance ministers and heads of central banks supported the agenda suggested by Russia for the period of its chairmanship at the unofficial forum of world key economies.
At the forthcoming G20 summit this summer Russia suggests focusing on the reform of the international financial system, world trade, investment, the energy sector and job creation. Vladimir Putin stressed that Russia would insist on more transparency of the global financial and economic system and consolidation of key players.
?It is impossible to fence ourselves off the world economic processes. No country is capable of withstanding contemporary challenges alone. All this imposes more requirements to the institutes of global management. We see the main task of G20 and Russia as its chairman in fine-tuning these institutes.?
The Russian leader sees one of the main difficulties in investors? distrust of the system of financial regulation, in malfunctions in its work. Russia consistently advocates the need to sort out the mess in this sphere, in particular to step up control over global financial institutions and the shadow banking sector.
Managing Director of the International Monetary Fund Christine Lagarde drew the audience?s attention to the fact that the lop-sided, non-uniform restoration of national economies after the crisis results in growing tension. In some cases developed economies recover slower than developing ones, which brings up mutual reproaches.
?The international monetary system could work effectively only if all countries adopted a competent economic policy.?
German Finance Minister Wolfgang Schaeuble is speaking:
?The essential condition of stable growth is effective financial regulation. We agree to discuss the management of state debts as we believe that this issue is important for preventing future crises. We also support Russia?s suggestion about financing investment.?
The leading financiers came to an agreement to meet at least three more times this year to coordinate steps in reforming the global financial and economic structure. It seems that in spite of existing contradictions, financiers are at one in estimating the current state of this system as archaic.
Source: http://english.ruvr.ru/2013_02_17/G20-finance-ministers-agree-to-avoid-currency-war/
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