Exchange-rate talks will move to the Group of 20 from the Group of 7 as the bloc’s members step up cooperation that aims to enhance the resilience of the world economy, German Finance Minister Wolfgang Schaeuble said.
“We’ll see at the end of the year that there’ll be quite some movement” in the discussion of exchange rates, he told reporters today as he traveled to a G-20 seminar in Nanjing, China. “Sure, we won’t return to Bretton Woods, but there is some movement after all.”
Schaeuble said “we need to strengthen our efforts to bring more stability to the world currency system.” The topic may be discussed in the G-20 as a whole or in a sub-group consisting of the G-7, Brazil, Russia, India and China, the so-called BRIC states, he said.
At last month’s meeting in Paris, G-20 finance officials agreed to closer monitoring of global economic imbalances in a step toward smoothing the trade and investment distortions that pitched the world into crisis. Under France’s G-20 leadership, the bloc has pledged to make progress by the end of the year.
Members of the G-20 face growing pressure to fulfill the pledges given to their peers on topics such as debt reduction and fostering economic growth, Schaeuble said. Improving global governance is an “arduous process, but we’re making progress.”
The G-20 seeks to promote the creation of local capital markets to lessen the risk of emerging economies “falling victim to speculative capital inflows and outflows,” Schaeuble said. “As regards capital flows, we’ll have to try to write an improved rule book.”
Source: http://www.bloomberg.com
“We’ll see at the end of the year that there’ll be quite some movement” in the discussion of exchange rates, he told reporters today as he traveled to a G-20 seminar in Nanjing, China. “Sure, we won’t return to Bretton Woods, but there is some movement after all.”
Schaeuble said “we need to strengthen our efforts to bring more stability to the world currency system.” The topic may be discussed in the G-20 as a whole or in a sub-group consisting of the G-7, Brazil, Russia, India and China, the so-called BRIC states, he said.
At last month’s meeting in Paris, G-20 finance officials agreed to closer monitoring of global economic imbalances in a step toward smoothing the trade and investment distortions that pitched the world into crisis. Under France’s G-20 leadership, the bloc has pledged to make progress by the end of the year.
Members of the G-20 face growing pressure to fulfill the pledges given to their peers on topics such as debt reduction and fostering economic growth, Schaeuble said. Improving global governance is an “arduous process, but we’re making progress.”
The G-20 seeks to promote the creation of local capital markets to lessen the risk of emerging economies “falling victim to speculative capital inflows and outflows,” Schaeuble said. “As regards capital flows, we’ll have to try to write an improved rule book.”
Source: http://www.bloomberg.com
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