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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Full Coverage Sitemap IMF urges cooperation to prevent 'currency war' AFP - Sunday, October 3 Send IM Story Print IMF urges cooperation to prevent 'currency war' YALTA, Ukraine (AFP) - – The IMF's managing director on Saturday urged major economies to cooperate to prevent global currency war which would risk impeding the recovery from the economic crisis. Dominique Strauss-Kahn said at an economic conference in the Crimean Black Sea resort of Yalta that a global economic recovery is underway, even if it is a "very uneven recovery". But he said an unwillingness of major economies to repeat the coordination they showed in implementing measures to overcome the crisis when it broke in 2008 has emerged as a major risk to the recovery. Some economies, especially China, have been criticised for keeping their currencies low in order to promote their exports and Brazil's Finance Minister Guido Mantega has said the world is seeing "an international currency war." "We succeeded in avoiding a bigger crisis thanks to economic coordination especially in monetary policy and in fiscal stimulus," Strauss-Kahn told reporters at the conference. "But today we have another threat which is that this willingness for consensus and cooperation has decreased. And we see around the world a possibility of the beginning of a currency war." He said the economic policymakers needed to get back to talking about cooperation, "discussing the value of the currencies, trying to adjust what has to be adjusted, fighting against global imbalances." He said that if they didn't, there would be a new crisis "of countries trying to find domestic solutions to a global problem." In recent weeks nearly a dozen governments from Colombia to Singapore have admitted to buying up local currency in the hope of driving down the price of the currency to make exports cheaper. As well as the declining commitment to economic cooperation, Strauss-Kahn said risks to the recovery also came from unemployment and private debt. Recommend Send IM Story Print News Search Top Stories Schwarzenegger, California lawmakers in budget deal IMF urges cooperation to prevent 'currency war' Envoy urges Bosnians to vote issues, not ethnicity US auto sales up 28.5 percent from depressed September 2009 China launches second lunar probe More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Brake problem forces BMW, Rolls-Royce recall Dinosaurs taller than thought: study China launches second lunar probe US auto sales up 28.5 percent from depressed September 2009 Ireland reveals full horror of banking crisis More Most Viewed » US state executes first woman in nearly 100 years 'Time bomb' superbug requires global response: doctor Workers swarm Europe's streets in anti-cuts protests More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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