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World's finance officials discuss the global economy

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World's finance officials discuss the global economy


Another world finance meeting, another anti-globalisation demo. Marchers took to the streets of the chic Washington suburb of Georgetown, protesting at the latest meeting of the world’s leading economic powers.

Police were out in force too, keeping the demonstrators well away from where the meetings were taking place.

At least one person was injured, and shop windows were broken.

The G7 finance ministers and central bank governors discussed America’s credit crisis and the weak dollar, which threaten global economic growth and make exports more expensive.
US Treasury Secretary Henry Paulson stressed his commitment to improving the situation.

“I believe a strong dollar is in our nation’s interest and I believe that currency values should be determined based upon underlying economic fundamentals in a competitive marketplace,” he said.

China also came in for discussion, with calls for Beijing to let its currency, the yuan, rise in value. The weak yuan is blamed for burgeoning trade defecits, particularly in the United States, and the loss of manufacturing jobs in the West.

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