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of the agenda at this week’s G20 summit in Moscow: Currency Wars. The
G7 put out a statement earlier in the week to dispel fears over
competitive devaluations. It ended up sending a muddled message that
resulted in more volatility in currency markets.One constant question in the currency war debate is this: is concern over a new round of currency wars merited? Or are central banks carrying out policy in-line with their mandates, as unconventional as those policies may be (an argument the former chairman of the Swiss National Bank made in the Financial Times)?
Mohamed El-Erian, CEO and co-CIO of PIMCO, which runs the largest bond fund in the world, tells The Daily Ticker it’s both.
“It’s important to understand that,” he says, “because that means it’s not going away, it’s going to get worse.”
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