Topic: Russia Takes G20 Presidency
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MOSCOW, February 16 (RIA Novosti) - Currency wars remain in the past, and there is no need to discuss this issue at the G20 level, Angel Gurria, the secretary general of the Organization for Economic Cooperation and Development (OECD), said on Friday.
Finance ministers and central bankers from the Group of 20 nations met in Moscow on Friday. Russia’s Finance Minister Anton Siluanov said ahead of the forum that competitive currency devaluation will be among the issues raised.
“There is no currency war. We are furthest away today from a currency war than we were two years ago or three years ago,” the OECD chief said in an interview he gave to CNBC on the sidelines of the meeting in Moscow.
“We don’t see why we should be talking so much about currency wars. This “currency war” is a phrase that was coined a few years ago, is no longer operational, we are using jargon from the past, we are fighting an old war. Today we should be concentrating on productivity, be concentrating on competitiveness and we are being distracted by this currency discussion,” Gurria said.
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The growing outright rivalry between the United States and China gives Russia more foreign policy weight, enabling it to assume the role of a balancer. So far it has been doing so rather skillfully. Today it may participate in a joint naval exercise with China that Beijing positions as outwardly anti-American. But tomorrow it can team up with the naval forces of the Old World.