Germany's Merkel: stick to G-20 currency pledge

Economy February 20, 2013

Germany's Merkel: stick to G-20 currency pledge

BERLIN (AP) — German Chancellor Angela Merkel is urging the world's leading economies to stick to an agreement and not deliberately weaken their currencies.

Merkel said in a speech Wednesday that the weekend pledge by Group of 20 finance ministers to refrain from competitive devaluation was an important signal — "but all participants have to keep to it," German news agency dpa reported.

Investors and politicians have recently voiced unease about the Japanese yen trading near a three-year low. If too many countries try to weaken their currencies for economic gain — sparking a so-called "currency war" — the fragile global recovery could be derailed.

Merkel stressed that Germany opposes "engaging in active exchange rate policy," adding that the euro's current value, lying between $1.30 and $1.40, is normal.

Subjects
- Business,
- Financial crisis,
- Currency markets,
- Economy
People
- Angela Merkel
Locations
- Germany,
- Western Europe,
- Europe
Organisations
- Germany government,
- Group of 20

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