G20 has agreed to avoid currency war - France

MOSCOW Sat Feb 16, 2013 11:20am IST

France's Economy and Finance Minister Pierre Moscovici speaks during the questions to the government session at the National Assembly in Paris February 5, 2013. REUTERS/Charles Platiau

France's Economy and Finance Minister Pierre Moscovici speaks during the questions to the government session at the National Assembly in Paris February 5, 2013.

Credit: Reuters/Charles Platiau

Related Topics

MOSCOW (Reuters) - French Finance Minister Pierre Moscovici said on Saturday that the Group of 20 had agreed to avoid a currency war, affirming a shared view that exchange rates should reflect market fundamentals.

"We all agreed on the fact that we refuse to enter any currency war," Moscovici told reporters after G20 policy makers worked late on Friday night in Moscow to hammer out a common position to put in a joint communique.

"But we also want to have on an international level a cooperative approach ... excluding aggressive strategies for devaluation," he said. "This is why we all agreed that the levels of currencies have to be determined by the markets."

(Reporting by Gernot Heller and Maya Dyakina; Writing Douglas Busvine, Editing by Timothy Heritage)

FILED UNDER:

Reuters Showcase

Markets Weekahead

Markets Weekahead

Column - Caution advised in a trader’s market  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

GDP Revised

GDP Revised

Economic growth revised up by almost 50 percent  Full Article 

Australian Open

Australian Open

Hingis wins Australian Open mixed doubles title with Paes   Full Article 

Houston's Daughter

Houston's Daughter

Bobbi Kristina Brown revived after found unresponsive in tub  Full Article 

India Art Fair

India Art Fair

Art fair turns India's capital into art hub.  Full Article 

Movie Review

Movie Review

"Rahasya" is an ode to Agatha Christie.  Full Article 

Review: Hawaizaada

Review: Hawaizaada

Movie Review: Hawaizaada  Full Article | Related Story 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage