#Lula: G-20 Must Address Currency War

11 / 10 / 2010

11/09/2010. President Luiz Inacio Lula da Silva said that Brazil wants to discuss the currency exchange issue during the G-20 Summit,given that everybody knows there is an exchange war that must be solved.

"We want to deal with all countries' commitment to a foreign exchange policy that will satisfy everyone and place everyone in an equal position in the trade dispute," Lula stated during his regular Monday radio program, Cafe Con El Presidente.

Brazilian Finance Minister Guido Mantega denounced the exchange war in the last meeting of G-20 economists, Lula recalled.

The devaluation of the U.S. and Chinese currencies against others is causing an imbalance in world trade, and it is necessary to have that balance again, Lula explained.

Another important issue to be discussed in the Seoul Summit is a mechanism of control for the financial system which, he said, cannot remain uncontrolled after the irreponsibility of the 2008 crisis.

The Brazilian president leaves today for Mozambique for a two-day visit, and will then travel to Seoul to attend the G-20 Summit. In the meeting, he will be accompanied by President-elect Dilma Rousseff, who will leave for South Korea tonight, invited by that government.

Source: PL

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