iif sees currency \skirmish urges g20 progress
Last Updated : GMT 06:14:59
Arab Today, arab today
Arab Today, arab today

IIF sees currency \'skirmish,\" urges G20 progress

Arab Today, arab today

Arab Today, arab today IIF sees currency \'skirmish,\" urges G20 progress

Washington - AFP

The global banking industry on Monday urged the Group of 20 economic powers to deliver on pledges to harmonize financial regulation, warning their commitment appears to be fraying. The new managing director of the Institute of International Finance, Tim Adams, also sought to downplay concerns about a currency war, an issue expected to be at the top of the agenda at G20 finance talks later this week. Adams said that press reports that the Group of Seven advanced economies were preparing a joint statement in favor of market-determined foreign exchange rates would be an \"important step.\" Adams said it was critical the G7 and G20 deliver clear communications from the summit to help cool recent currency market volatility. \"Unless some clarity is offered... these movements will continue,\" he said at a news conference in Washington. Still, he said, \"I don\'t think we\'re on the verge of a currency war,\" though he acknowledged it could be a \"skirmish.\" Finance ministers and central bankers of the G20 group, the world\'s most powerful advanced and emerging economies, meet on Friday and Saturday in Moscow. Speculation about a currency war has been stoked by moves in Japan to weaken the yen, European worries about an overly strong euro, and complaints in emerging markets against the weaker US dollar amid ultra-loose Federal Reserve monetary policy. Adams stressed \"the need for cooperation and coordination\" among finance chiefs. The IIF, which represents more than 450 financial institutions around the world, said its members were \"deeply troubled\" by the trend toward \"increasingly fragmented financial regulation.\" The tendency of nations to act to protect their own financial service sectors and taxpayers against risk \"is threatening to undo decades of cross-border cooperation,\" the IIF said. \"If we fail to preserve the spirit -- and the fact -- of international harmonization of financial regulation, we run the risk of inhibiting the global economic regeneration so desperately needed by people everywhere.\" In a letter, the IIF called on the G20 powers to renew their willingness to work together, as they had in the 2007-2009 financial crisis, particularly because the recovery remains frail. \"This trend to a more territorial approach, especially ring-fencing assets, capital and liquidity, threatens not only to undo recent movement toward regulatory cooperation under G20 initiatives, but also to set back earlier achievements of cross-border cooperation that have helped fuel global economic growth.\" Adams, a former US Treasury under secretary for international affairs, said it was better to focus on financial and fiscal integration, competitiveness and growth \"and let market forces determine exchange rates and values.\" \"Maybe it\'s time that we take stock of what\'s been promised and committed to over the past decade and try to achieve those goals before we take on new areas,\" he said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iif sees currency \skirmish urges g20 progress iif sees currency \skirmish urges g20 progress

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iif sees currency \skirmish urges g20 progress iif sees currency \skirmish urges g20 progress

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday