Spotlight on Currencies at G20 Finance Leaders Summit

Voice of America News reports: “Finance policy makers from the world’s 20 largest economies and the heads of the World Bank and International Monetary Fund are in South Korea. Their two-day meeting focuses on avoiding a currency war that could lead to another global economic downturn.

The Group of 20 nations have a consensus on which way they need to go in terms of currencies. That is the word from Canada’s finance minister, Jim Flaherty. He spoke just before the G20 finance ministers and central bank governors began their meeting.

‘Where we’re trying to get to is an action plan that will avoid the temptation by some countries to protect their currencies in different ways,’ Flaherty said.

None of the G20 members, he explained, wants to be confrontational or leave here without an agreement…” (A financial catastrophe is coming soon upon the entire world – James 5:1-4; Revelation 18:10, 17, 19; Ezekiel 7:19; Revelation 16:2. See also the next report.)

Global Financial Policy Makers Agree to IMF Reform, Currency Pledge

Voice of America News reports: “A historic deal among the world’s top 20 economies has been reached reforming the International Monetary Fund. Financial policy makers also agreed to avoid a currency war.

The agreement by the advanced and leading emerging economies will shake up the International Monetary Fund. Europe is to give up two of its nine chairs on the 24-seat executive board.

‘It is a milestone in reforming global governance,’ said Olli Rehn, the chief for economic and monetary affairs of the European Commission.

IMF managing director Dominique Strauss-Kahn calls it ‘very historic’ and the biggest-ever reform for the fund since its inception at the end of the Second World War.

Dynamic emerging economies and other under-represented countries, such as Brazil, China, India and Russia, are to control more than six percent of IMF voting rights by 2012…”