The G20 opens today in Moscow. The meeting of finance ministers and central bank governors, which will be held for the first time under the Russian presidency, will continue throughout the weekend. The main and hottest topic is that of the currency war, a fire that has exploded in recent weeks and ignited by the unscrupulous monetary policy of Japan (and to a lesser extent the United States), which depreciated the yen, seriously affecting European exports and, consequently, the entire growth of the Old Continent.
A fire, that of the so-called currency war, which many have tried to extinguish in recent days. The G7, with an extraordinary communiqué in which it reaffirmed its commitment to stick to “market determined” exchange rates and not artfully established, warning of the risks associated with "excessive interest rate volatility".
Then came the president's turn of the ECB Mario Draghi, who tried to lower the level of the clash, reducing the rumors about the currency clashes to "chatter". The International Monetary Fund took the same line as Supermario: "We think it is an exaggeration to talk about war on currencies", even if, they promise from the Washington agency, "the IMF will monitor closely if there are any developments", keeping itself ready to intervene if necessary.
In any case, despite the warnings of British Prime Minister Cameron and Wolfgang Schauble about the risks of "devaluation in the name of growth", an isolation of the USA and Japan at the G20 seems unlikely.
The other point in the center of the forum it will be the reform of the IMF, a topic on which host Russia is particularly pressing, even if the deputy finance minister Serghiei Storciak said he was skeptical about the real possibilities that a decision on the allocation of Fund quotas could be taken by the end of the summit.
Attachments: ForexEMG-Tables-15 February 2013.pdf
