G20 ministers to reiterate no to competitive devaluations

(ANSA) - Ankara, September 4 - G20 finance ministers Saturday in a final statement will re-affirm their commitment to avoid competitive devaluations and underline that exchange rates are not economic policy objectives in themselves, conference sources said Friday.
    While China is not expected to be cited specifically the explicit reconfirmation of the 20's commitment on exchange rates evidently will be a signal for markets and a reply to fears raised by Chinese moves in recent weeks, said the sources.
    The EU Economic Affairs Commissioner Pierre Moscovici for his part said "I have full confidence in the capacity of Europe to deal with factors of uncertainty that may arrive from the world economy".
    Speaking to Rainews 24 on the fringes of the G20 meetings, he noted that the summit is focussed "on China and the USA" while the EU, after months of difficulty "no longer causes concern and is seen instead as a factor of stability" thanks to reforms and growth that is "modest but sufficient to reduce unemployment".
    Moscovici will meet Saturday with Italian Treasury Minister Pier Carlo Padoan, Moscovici said at the end of the first G20 session with labour ministers. "I will see Padoan tomorrow," was all Moscovici told reporters.
    Nevertheless it is the first such meeting since the controversy of recent days over EU officials in Brussels' reported scepticism over Italian Premier Matteo Renzi's pledge to cut property taxes.