G20 wrangles over exchange rates

The Group of 20 major economies are locked in discussions, to try to find common ground on exchange rates and borrowing.

The two day meeting of G20 finance officials in Moscow, is highlighting rifts between those who want to ignite rapid growth, and supporters of more austerity. The talks have so far been dominated by a row over Japan’s monetary easing policies, which have driven down the value of the yen.

Another row is also brewing between Europe and the US, over extending a promise to reduce budget deficits beyond 2016. A pact struck in Toronto in 2010 will expire this year, if leaders fail to reach agreement by the end of the St Petersburg summit in September.

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