Feb 16, 2013

By Bob Komsic

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Canada’s Finance Minister says leaders from the world’s top 20 economies have made progress when it comes to balancing fiscal discipline and economic growth.

Jim Flaherty says he’s pleased by the G20 leaders’ pledge to adopt ”credible, medium-term fiscal strategies” in line with their past commitments by the group’s next meeting in September.

He made the comments this morning following the two-day summit in Moscow.

The meeting was taking place amid speculation of a ”currency war” in which countries devalue their currencies to gain a competitive edge.

It ended with a joint communique that included a promise that the G20 members would ”refrain from competitive devaluation” and ”resist all forms of protectionism and keep our markets open.”

If too many countries try to weaken their currencies for economic gain sparking a so-called ”currency war” the fragile global recovery could be derailed.

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