Feb. 16 - International Monetary Fund Managing Director Christine Lagarde brushes off talk of 'currency wars'. Deborah Lutterbeck reports.
Financial leaders from the world's 20 biggest economies meeting in Russia declared on Saturday there would be no currency war. Managing Director of the International Monetary Fund Christine Lagarde. (SOUNDBITE) (English) INTERNATIONAL MONETARY FUND MANAGING DIRECTOR CHRISTINE LAGARDE, SAYING: "We have not seen any such thing as 'currency war'. We have heard currency worries, not currency war. We have not seen confrontation, but dialogue, deliberations, discussions, and clearly this G20 Moscow meeting has been extremely helpful and productive in that respect." The leaders also pushed plans to adopt a credible medium-term fiscal strategy, but stopped short of setting specific goals. (SOUNDBITE) (English) INTERNATIONAL MONETARY FUND MANAGING DIRECTOR CHRISTINE LAGARDE, SAYING: "Well there has to be fiscal consolidation, and it has to be at the right pace, and it has to be country specific. It often has to go hand-in-hand with monetary policy, and we have seen quite accommodative monetary policy in order to support and help the fiscal consolidation efforts. They cannot be a substitute for each other. " The final communiqué said risks to the world economy had receded but growth remained too weak and unemployment too high.