G-20 finance chiefs reject Geithner's current-account proposal

10/21/2010 | Reuters · JoongAng Daily (South Korea) · Bloomberg

U.S. Treasury Secretary Timothy Geithner's proposal to place a formal limit on current-account balances to reduce currency conflict was rejected by finance leaders from the Group of 20 nations. Japanese Finance Minister Yoshihiko Noda dismissed a numerical target as unrealistic. Emerging-market officials accused the U.S. of using quantitative easing to launch its own currency devaluation. The financial crisis was caused by U.S. mismanagement of its financial system, they said.

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Reuters · JoongAng Daily (South Korea) · Bloomberg

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