Sunday, February 17, 2013

Not Russian dolls

How do these 2 sections of the same G20 statement following the meeting of finance ministers and central bank governors in Moscow fit together? --

We agree that the weak global performance derives from policy uncertainty, private deleveraging, fiscal drag, and impaired credit intermediation, as well as incomplete rebalancing of global demand. Under these circumstances, a sustained effort is required to continue building a stronger economic and monetary union in the euro area ...

We reiterate our commitments to move more rapidly toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments and in this regard, work more closely with one another so we can grow together ..

Latter offer not applicable in Ireland, Greece, Spain, Portugal, Italy etc ..