Finance+leaders+fail+to+resolve+currency+dispute

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Print Story: Finance leaders fail to resolve currency dispute - Yahoo! News Finance leaders fail to resolve currency dispute By MARTIN CRUTSINGER and HARRY DUNPHY, Associated Press Writers 14 mins ago PRINT Page 1 of3 Back to story WASHINGTON - Global finance leaders failed Saturday to resolve deep differences that threaten the outbreak of a full-blown currency war. Various nations are seeking to devalue their currencies as a way to boost exports and jobs during hard economic times. The concern is that such efforts could trigger a repeat of the trade wars that contributed to the Great Depression of the 1930s as country after country raises projectionist barriers to imported goods. The International Monetary Fund wrapped up two days of talks with a communique that pledged to "deepen" its work in the area of currency movements, including conducting studies on the issue. World Bank President Robert Zoellick said the rising economic tensions reflected a weak global recovery. "A lack of growth accompanied by high unemployment is having consequences," Zoellick told reporters at a news conference concluding the IMF-World Bank meetings. "There is a danger that countries will turn inward and, as a result, international cooperation falters. This could be dangerous." The communique essentially papered-over sharp differences on currency
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This note was uploaded on 11/23/2010 for the course ECONOMICS Econ 13 taught by Professor Georgesarraf during the Winter '10 term at UC Irvine.

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