There is danger of a currency war: FM
Indian Finance Minister Pranab Mukherjee on Thursday warned the international community that there is danger of a currency war if the ongoing economic crisis deepens.
Such a currency war can be avoided through dialogue and not through competitive devaluations, Mukherjee stressed at a crowded press conference of finance ministers of BRICS nations Brazil, Russia, India, China and South Africa at the headquarters of the International Monetary Fund here.
"Yes, if the crisis deepens further and there is greater volatility in financial flows, there is an increased risk of this (currency war) happening,"Mukherjee said in response to a question.
"But our view is that if such tensions arise, it should be eased for more details....
Such a currency war can be avoided through dialogue and not through competitive devaluations, Mukherjee stressed at a crowded press conference of finance ministers of BRICS nations Brazil, Russia, India, China and South Africa at the headquarters of the International Monetary Fund here.
"Yes, if the crisis deepens further and there is greater volatility in financial flows, there is an increased risk of this (currency war) happening,"Mukherjee said in response to a question.
"But our view is that if such tensions arise, it should be eased for more details....
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