ECB policymakers warn about the threat of currency wars

10/29/2010 | Reuters · Wall Street Journal, The

Axel Weber and Mario Draghi, members of the European Central Bank Governing Council, said global economic growth is at risk because of currency wars. "Current-account imbalances are widening again; free-floating currencies are suffering from [government currency interventions], divergent policies and consequent speculative tensions. The global recovery itself is at risk," said Draghi, who also leads the Financial Stability Board. Meanwhile, the ECB's Juergen Stark sounded an upbeat note about money markets after the central bank moved ahead with normalizing lending to commercial banks.

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