Finance chiefs from the world's richest nations will this weekend seek to switch the focus from volatile currencies to bask in the glow of the rosiest global economic outlook in years.
Ministers and central bankers from the Group of Seven leading economies meeting today have taken care to stress in recent days that they are happy with their agreed wording on exchange rates from February.
They've also played down the threat of sky-high oil prices and the fall-out from an anticipated rise in US interest rates later this year - preferring to express confidence in the durability of the fastest global growth rate since 2000.
Briefings and speeches ahead of the International Monetary Fund spring meetings in Washington this week all seemed to show G7 delegates in accord on the subject of currencies at least.
US treasury secretary Mr John Snow said he expected the G7 to repeat February's warning against "excess volatility". European Central Bank chief Mr Jean-Claude Trichet said February's statement was a good one. Japan's finance minister Mr Sadakazu Tanigaki said the G7 should not change its basic stance.
The communique issued after the February finance chiefs' meeting in Boca Raton, Florida, read: "Excess volatility and disorderly movements in exchange rates are undesirable for economic growth." These words, seen as a coup for European ministers, are credited with being at least partly responsible for arresting a slide in the US dollar.
The Boca statement also renewed a call for more flexible exchange rates in major economies, code for urging China and other Asian countries to stop pegging their currencies to the dollar to help offset big US trade deficits with the region. - (Reuters)
