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scubadiver
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Joined: 26 Apr 2006
Posts: 1850
Location: Currently Andover
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 Posted: Thu Jan 22, 2009 8:21 am Post subject: Reuters reports 'Sterling a problem for G7' |
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Problem-Reaction-Solution
Could this be a potential Euro entry by the back door?
http://uk.reuters.com/article/businessNews/idUKTRE50K68I20090121
| Quote: | The fall in value of the pound is a problem for mainland Europe and will be added to regular talks on exchange rate issues when G7 finance ministers meet in February, a G7 source said on Wednesday.
Speaking on condition of anonymity, the source also said that the situation on currency markets in general had not reached crisis levels and that there was no need yet for verbal intervention to try to influence exchange rates.
"The pound is depreciating. It is obviously a problem for Europe," said the source, who has first hand knowledge of preparations for the meeting.
"It's an economic problem. For the moment this does not affect us financially."
Asked specifically about the G7 talks that are due to take place on Feb 14 in Rome, the source said:
"Normally we talk about the dollar, yen, and the euro but this time we'll be talking about the pound as well."
In the past year, sterling has lost around 30 percent versus the dollar, 20 percent versus the euro and more than 40 percent versus the yen, according to Reuters data.
Such depreciation gives British exporters an edge in price competition with rivals in world markets.
"We need to talk with the UK about the depreciation of the pound, which is a problem for us, and with Japan about constant rumours of (Japanese) intervention. The idea is to try not to make the crisis worse through exchange rates," the source said.
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Leiff
Trustworthy Freedom Fighter
Joined: 23 May 2006
Posts: 509
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| Posted: Thu Jan 22, 2009 2:03 pm Post subject: |
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| Quote: | | Such depreciation gives British exporters an edge in price competition with rivals in world markets. |
It sounds like they're worried that we might take some of their exports from them. 
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fish5133
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Joined: 13 Sep 2006
Posts: 2568
Location: One breath from Glory
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| Posted: Sun Jan 25, 2009 12:52 am Post subject: |
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Old Brownie boy has been saying for a while now that global problems require global solutions.
Getting us all into a state of fear that we will gladly ditch the pound
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"for we wrestle not against flesh and blood but against principalities, against powers, against rulers of the darkness of this world, against wicked spirits in high places " Eph.6 v 12 |
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paul wright
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