BERLIN -- Finance ministers from some of the world's richest and developing countries avoided Sunday discussing the rapid fall of the U.S. dollar in recent weeks.
Concluding their weekend of talks in Berlin, the Group of 20 made no public statement regarding the fall of the greenback against the euro and Japanese yen, even though volatility in the currency markets have been of key concern to member countries. The dollar has fallen to a record low against the euro, and a four-year low against the yen.
Instead, in their communiqué following the talks, the Group of 20 expressed their optimism about the global economic outlook, stating that "we expect that the macroeconomic environment will remain favorable in the next year."
Still, the ministers acknowledged the potential risks in the international economy, stating that "downside risks have increased due to oil price volatility, persisting external imbalances and geopolitical concerns."
U.S. Treasury Secretary John Snow, meanwhile, said that countries should try to boost their internal demand, rather than focusing their energies to export their way to growth, largely through selling to U.S. markets.
"Growth among our trading partners, including those here in Europe also needs to increase and that requires addressing structural barriers that stand in the way of better performance," Snow said.
