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G20 leaders seal currency agreement

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Leaders of the world's biggest economies at G20 have agreed to develop new guidelines to avoid "competitive devaluation" of currencies.

Prime Minister David Cameron hailed the agreement as “good for British jobs, good for British businesses and good for British exporters”.

Mr Cameron added:

By acting together we can maximise world growth and we can cut world unemployment. This is not some obscure economic issue - in the end, it is about jobs.

Chancellor George Osborne said the new “indicative guidelines” marked a significant step forward in shaping a new global economic framework for the post-crisis world.

The final G20 communique also put in place a mechanism that will allow the International Monetary Fund to assess countries and the effects of their exchange rate policies.

The communique recognised that 2011 will provide a “critical window of opportunity” to complete the Doha Round of trade liberalisation negotiations.

The G20 will be chaired and hosted by France next year.

Read more: PM’s press conference at the G20

Read more: G20 final communique (PDF).

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