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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Canada Shooting

Canada Shooting

Canada's parliament attacked, soldier fatally shot nearby.  Full Article 

Earnings Season

Earnings Season

Wipro sees rosier end to year as U.S. clients spend.  Full Article 

Business Climate

Business Climate

Fears for tough penalties grow as India cleans up business  Full Article 

New Email Service

New Email Service

Google launches new email service dubbed "Inbox".  Full Article 

DLF Appeals

DLF Appeals

DLF seeks interim relief from capital market ban  Full Article 

Falling Oil Prices

Falling Oil Prices

Indian consumers respond to softer oil, food prices  Full Article 

Book Keeping

Book Keeping

RBI fires warning shots on companies' lack of FX hedging.  Full Article 

Policy Repo Rate

Policy Repo Rate

Most external members suggested rate cut in RBI's Sept review.  Full Article 

Reuters India Mobile

Reuters India Mobile

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