French president warns against currency wars at G20 seminar
French President Nicolas Sarkozy on Thursday warned against new currency wars and called on Group of Twenty (G20) member states to act quickly, DPA reported.
"Either we decide to coordinate and work together, or we risk going through currency wars and crises," Sarkozy said at a G20 conference in the Chinese city of Nanjing.
France currently holds the rotating presidency of the G20, which comprises the world's leading developed and emerging markets.
Sarkozy said G20 member states must make the international currency system more stable and resistant to shocks.
"If you don't do it, no one else will," the French president said.
Finance ministers and central bank chiefs from most of the major economies were attending the one-day seminar in Nanjing.