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G-7 Ministers Talk Tough on Sliding Dollar

Strong words signal desire to keep dollar from the abyss

By Rob Quinn,  Newser Staff

Posted Apr 12, 2008 7:26 AM CDT
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(Newser) – The Group of Seven's finance ministers are getting more aggressive about stopping the greenback's decline, the Wall Street Journal reports. In what counts as blunt words for the group, a statement yesterday expressed concern about the plummeting dollar's "possible implications for economic and financial stability." The change in tone since the group's last meeting a year ago is aimed at sending a signal to traders; the ministers stopped short of using G-7 money to buy up dollars to push the currency upward.

G7 Finance Ministers take part in the Ministerial meeting, Friday, April 11, 2008, at the Treasury Department's Cash Room in Washington.
G7 Finance Ministers take part in the Ministerial meeting, Friday, April 11, 2008, at the Treasury Department's Cash Room in Washington.   (AP Photo/Gerald Herbert)
The relative strength of the euro versus the dollar is hurting European economies.
The relative strength of the euro versus the dollar is hurting European economies.   (AP Photo)
The G7 finance ministers and central bank governors walks down the steps of the Treasury Department in Washington for a group photo Friday, April 11, 2008. L-R
The G7 finance ministers and central bank governors walks down the steps of the Treasury Department in Washington for a group photo Friday, April 11, 2008. L-R   (AP Photo)
The G7 central bank governors pose for a group photo at the Treasury Department in Washington, Friday, April 11, 2008.
The G7 central bank governors pose for a group photo at the Treasury Department in Washington, Friday, April 11, 2008.   (AP Photo/Gerald Herbert)
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Analysts: Bold statements a long way from action
Bloomberg

G7 warns of financial turmoil ahead
AFP

 
currency • currency exchange • finance • euro • US dollar • weak dollar • Group of Seven

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