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Osborne: Don't use currencies for economic warfare
February 16, 2013 / 5:18 AM / 5 years ago

Osborne: Don't use currencies for economic warfare

MOSCOW (Reuters) - The chancellor of the exchequer, George Osborne, said on Saturday that the Group of 20 would state its opposition to competitive currency devaluations.

Britain's Chancellor of the Exchequer, George Osborne, speaks before the launch of the economic survey of the United Kingdom by Angel Gurria, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), at the Treasury in London February 6, 2013. REUTERS/Lefteris Pitarakis/pool

“The G7 made a very clear statement this week. I think you’ll see the G20 echo what was said, and say that currencies should not be used as a tool of competitive devaluation,” the chancellor of the exchequer told a briefing in Moscow.

“Countries shouldn’t make the mistake of the past of using currencies as a tool of economic warfare.”

Reporting by Jason Bush; Writing by Douglas Busvine

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