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Eurozone ministers' alarm over exchange rates

Eurozone ministers' alarm over exchange rates
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Eurozone finance ministers meeting in Luxembourg have called on Asian countries to take measures to control their exchange rates in the interests of global economic stability. The group said it would be taking that message to a gathering of the G7 club of the world’s richest nations in Washington next weekend. The ministers also considered steps to be taken following the EU’s decision to reform the Stability and Growth pact.

The continuing strength of the dollar and concerns about Europe’s fragile economic recovery were also under discussion. Last week the European Commission cut its growth estimate for 2005 from two per cent to 1.6 per cent.