G20 officials will disregard key parts of a currency statement issued this week by the Group of Seven powers, according to a communique drafted for finance leaders meeting in Moscow, and will not single out Japan.
A G20 delegate w
Finance ministers and central bankers of the Group of Seven major industrialised nations will confer by telephone on turmoil in the financial markets later on Saturday or on Sunday, a senior European diplomatic source said.
The source said
Emerging economies should consider steps to contain fund flows that could cause currency rallies and asset bubbles, the World Bank chief was quoted as saying, but the International Monetary Fund called such actions "undesirable."
With global economic growth waning and a credit crunch threatening, finance chiefs from rich nations were gathering to mull how to control strains in financial markets and keep expansion going.
Ahead of the Group of Seven meeting of financ