The International Monetary Fund ended the International Monetary and Financial Committee meeting with a communique that vowed to "deepen its work" in the area of international monetary stability. This included giving IMF chief Dominique Strauss-Kahn a mandate to operate as judge, arbiter and analyst in dealing with the main players in the currency dispute: the United States, the euro area, China and Japan, reports the Japan Times.
Global finance ministers, however, left the two-day meeting without any concrete solution to the currency problem, says the Times.
In the communique, ministers say their priorities were to address remaining financial sector fragilities; ensure strong growth in private sector demand and job creation; secure sound public finances and debt sustainability; work toward a more balanced pattern of global growth, recognizing the responsibilities of surplus and deficit countries; and address the challenges of large and volatile capital movements, which can be disruptive.
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