G20 struggles over forex, at odds over debts
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G20 officials struggled to find a common form of words on currency manipulation ahead of a summit on Friday at which divisions within the group over growth versus austerity looked set to flare back into life.
The head of the European Central Bank criticized wrangling over currencies ahead of the meeting of Group of 20 financial leaders where Japan is expected to escape any censure for its expansionary policies.
Speaking in Moscow, ECB President Mario Draghi said recent sparring over currencies was "inappropriate, fruitless and self-defeating" and U.S. Treasury official Lael Brainard warned against "loose talk".
Draghi also said the euro's exchange rate was in line with long-term averages, suggesting little alarm yet about its recent climb choking off prospects of economic recovery.
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