Germany Dep FinMin: Countries Should Avoid Fx Interventions

FRANKFURT (MNI) – Countries should avoid intervening in currency
markets, Germany Deputy Finance Minister Joerg Asmussen said Monday.

“The state, and the community of states, can and should foresake
currency interventions,” he told an audience at the Euro Finance Week
here.

The deputy minister reiterated Germany’s objection to the idea
proposed by US Treasury Secretary Tim Geithner and rejected at the
recent G20 summit in Seoul to limit current account surpluses to 4% of
GDP.

“Current account deficits or surpluses are per se not a problem,
but rather are a part of the international division of labor,” he
explained.

–Frankfurt bureau; +49-69-720142, frankfurt@marketnews.com

[TOPICS: M$G$$$,MGX$$$,M$X$$$,M$EC$$,M$FX$$]