EU to tell G20 to avoid fx moves for export advantage

BRUSSELS, Oct 20 (BestGrowthStock) – European Union leaders will
call on their counterparts in the G20 biggest economies not to
use exchange rates to gain competitive advantage, according to
documents prepared for a summit next week.

Draft conclusions of a summit of EU leaders on Oct 28-29,
obtained by Reuters, said the issue of rebalancing world growth
required particular attention.

“The European Union emphasises the need to continue keeping
markets open, to inject momentum into the Doha negotiations and
to adopt a growth-oriented development agenda,” EU leaders will
agreed ahead of the G20 summit in Seoul in November.

“It stresses they avoid all forms of protectionism and to
avoid engaging in exchange rate moves aimed at gaining short
term competitive advantages,” the draft conclusions of the EU
summit said.

(Reporting by Jan Strupczewski, editing by Luke Baker)

EU to tell G20 to avoid fx moves for export advantage