Tags: IMF | Plans | Initiative | End | Currency | War

Report: IMF Plans Initiative to End Currency War

Friday, 08 Oct 2010 07:15 AM

International Monetary Fund chief Dominique Strauss-Kahn plans to present the lender's members with a new initiative this week aimed at resolving disputes over currency issues, a German newspaper reported on Friday.

Strauss-Kahn's planned "systemic stability initiative" will bring together the world's leading economic powers in a regular forum aimed at resolving currency issues over the medium-term, the Frankfurter Allgemeine Zeitung reported.

The newspaper cited only information it had received, and did not specify its source on the currency initiative plans.

Global tensions over exchange rates are set to be a hot topic this Friday and Saturday at a gathering of finance ministers and central bankers for meetings of the IMF and World Bank.

France earlier this week denied it had held secret talks with China as part of an effort to heighten coordination of exchange rates, but Economy Minister Christine Lagarde said on Thursday it would start talks aimed at overhauling the global monetary system during its forthcoming G20 presidency.

Strauss-Kahn is seen as a potential challenger to French President Nicolas Sarkozy at the next elections.

The head of the World Bank, Robert Zoellick, said on Thursday world leaders must defuse currency tensions before they worsen to avoid repeating the mistakes of the Great Depression.

Participants in the forum would include the United States, large European countries, Japan, China and other emerging market countries that are important for the global financial system, the German newspaper report said. IMF management would also play a role.

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International Monetary Fund chief Dominique Strauss-Kahn plans to present the lender's members with a new initiative this week aimed at resolving disputes over currency issues, a German newspaper reported on Friday. Strauss-Kahn's planned systemic stability initiative ...
IMF,Plans,Initiative,End,Currency,War
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2010-15-08
 

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