stockholm: Swedish Prime Minister, Mr. Fredrik Reinfeldt said countries that try to protect their exports through currency manipulation are prolonging competitive disadvantages that exchange rates can‘t fix, Bloomberg reported on Wednesday.
”This is a discussion that is ongoing in the world, but the way to deal with currencies is that they should be market valued,” Reinfeldt said in an interview in Reykjavik. ”Then the politics will have to react to the competitive problems in other ways.”
Since Brazil‘s Finance Minister Guido Mantega more than a month ago said there‘s a global ”currency war,” policy makers in Europe, the US and Asia had tried to prevent a wave of outright protectionist measures that would undermine trade relations. Group of 20 finance ministers and central bankers last month vowed to avoid ”competitive devaluation,” leaving the details to government leaders at a November 11-12 Seoul summit.
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