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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Square_Dealings who wrote (7300)2/8/2004 8:30:22 AM
From: Haim R. Branisteanu  Read Replies (3) of 110194
 
The statement, issued by finance ministers of the member countries, represented at least a tepid acknowledgment by the United States that the dollar's rapid decline and the euro's rise could jeopardize the exports of European nations even as American exports receive a lift.

By expanding on earlier calls for flexibility in exchange rates, the statement implied sharper criticism of Asian governments, notably China and Japan, that have actively worked to keep their own currencies from rising in value.

The statement was a compromise between the stance of the Bush administration, which has condoned the dollar's decline and argued that exchange rates should be driven by "market forces," and that of European leaders, who wanted a more forceful effort............................

Global currency markets are unlikely to be impressed, because American officials provided no hint that they are about to prevent a further gradual decline in the dollar.

Treasury Secretary John W. Snow, summarizing results of the meeting, did not even allude to the communiqué's statement about exchange rates. He refused to elaborate on its meaning. "I don't think there is any point in trying to interpret the statement," he said. `It's written in fairly plain English." ...............................................

American exports shot up 19.1 percent in the final quarter of last year, and they are expected to keep rising this year.

nytimes.com
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