IMF fails to bring agreement in currency wars
Last week's IMF meeting failed to bring about an agreement between leading governments with regards to so-called currency wars. As we covered earlier last week, the IMF is concerned that local governments around the world are more concerned with their own currency issues than looking at the wider picture. The likes of the UK, US and China in particular appear ready to dampen any recovery in their currency exchange rates in order to keep their currencies relatively low on the exchange rate markets to encourage exports.
As the IMF meeting failed to come to an agreement or any kind of accord regarding currencies around the world the issue will be addressed at the forthcoming G20 meeting although many people do not hold out much hope regarding a short-term solution. We have seen over the last few months that governments around the world have switched their focus away from the worldwide economy to their local economies. The likes of the US, UK and China have all seen differing economic indicators although overall there is a suggestion that economies around the world are beginning to weaken, again.
If each individual government around the world has its own agenda then the worldwide economy will suffer and ultimately local economies will also suffer.
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