The question of currency exchange rates remains at the center of economic news. Today the G7, in an extraordinary communiqué, intervened in an attempt to settle the issue, after last week's remote controversy between France and Germany and the more or less veiled accusations of keeping its currency undervalued against the United States, China and Japan.
The Group of Seven, in fact, has taken and expressed a rather clear-cut position on the matter, stating in a note its intention to stick to “exchange rates determined by the market”, and not manipulated artfully. The commitment is, therefore, not to pursue a level of exchange decided at the table.
A few days before the G20 on finances to be held in Moscow, therefore, the Big Seven have tackled a very burning issue head-on, causing growing nervousness in the last period, even among the G7 countries themselves. In the extraordinary press release from Canada, France, Germany, Great Britain, Italy, Japan and the United States, it can be read that, as also stated by Mario Draghi, “excessive volatility and disorderly movements in exchange rates can have negative implications for economic and financial stability”.
