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Could the G20 Get Any Dumber?

Just when you thought the consenting adults view of current account balances was accepted by Australian policymakers, Wayne Swan signs-up for this:

The Obama administration on Friday urged the world’s biggest economies to set a numerical limit on their trade imbalances, in a major new effort to broker an international consensus on how to handle festering exchange-rate tensions. Officials from Britain, Canada and Australia quickly expressed support for the idea…

The Australian treasurer, Wayne Swan, called the Geithner proposal “a constructive one.”

Germany’s economy minister is not so sure:

Rainer Brüderle told reporters that the proposal could be viewed as a reversion to “planned economy thinking.”

 

posted on 22 October 2010 by skirchner in Economics, Financial Markets

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