October 19, 2010 13:05
As the global currency war rages on, participants in the 2010 World Policy Conference last weekend in Marrakech, Morocco agreed that a solution must be found during the G20 Summit in Korea. The conference is an international symposium held every year and hosted by France's top think tank, the L' Institut français des relations internationales. The Chosun Ilbo was the only Korean sponsor.
"The rapid weakening of the U.S. dollar has triggered a currency war causing cracks to form in the system of international cooperation," Asian Development Bank President Haruhiko Kuroda said. "At present, the G20 Summit in Seoul is the most important chance to find a solution."
European Union Vice President Joaquín Almunia warned of a "full-fledged currency war or the resurgence of serious protectionist measures" if efforts to fine-tune differences fail at the G20 Summit.
And Kemal Derviş, vice president of the conservative Brookings Institution, said the currency issue has emerged as the "core agenda of the G20 Summit."
Around 150 global dignitaries attended the conference, including UN Secretary-General Ban Ki-moon, President of the European Central Bank Jean-Claude Trichet, Jean-David Levitte, national security adviser to French President Nicolas Sarkozy, Chinese Vice Foreign Minister Fu Ying, and the CEO of French pharma giant Sanofi-Aventis, Chris Viehbacher.
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