G7: no currency wars

Published on Feb 12, 2013

http://www.euronews.com/ Group of Seven nations have vowed not to engage in currency wars - that is pushing down the value of their currencies to create trade advantages and boost exports.

The G7 - that's the United States, Britain, France, Germany, Japan, Canada and Italy - have agreed to consult closely on exchange rates and said government's fiscal and monetary policies must not be directed at devaluing currencies.

That follows concerns after Japan's new government pressed for monetary policies that sharply weakened the yen.

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