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EU Pledges Against Currency Warfare

Finance leaders from the world's 20 top industrial and developing countries have pledged not to target their exchange rates for competitive purposes.

International Monetary Fund Managing Director Christine Lagarde echoed on Saturday the joint communique made by G20 members meeting in Moscow to "refrain from competitive devaluation" and keep markets open.

"We have not seen any such thing as 'currency war'. We have heard currency worries, not currency war. We have not seen confrontation, but dialogue, deliberations, discussions, and clearly this G20 Moscow meeting has been extremely helpful and productive in that respect.''

Investors and politicians have shown concern that some countries could derail the fragile global recovery if they try to weaken their currencies for economic gain.

Japan is facing charges of lowering the value of the yen to stimulate its economy and get the edge over other countries.

Earlier, Britain, France and Germany launched a new drive to force big business to pay its fair share of tax and stop efforts of top companies to keep payments to a minimum.

The plan, follows a study from the Organization of Economic Cooperation and Development showing that many big firms country-hop to pay less tax.

The OECD study highlighted a growing trend of multinational companies to shift profits to countries where tax rates are lowest.

British Finance Minister George Osborne told the gathering that current tax laws had been developed nearly a hundred years ago and should be modified to reflect how international companies do business today.

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