Singapore Seeks Currency Pact to Help Emerging Markets
- Shanghai G-20 pushed back on calls for new Plaza Accord
- Agreement better than relying on untidy markets, Tharman says
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The world economy needs something like a modern-day Plaza Accord to safeguard growth against currency market volatility, according to Singapore’s Deputy Prime Minister Tharman Shanmugaratnam.
The remarks by the Singaporean official, who is also a former finance minister, come a week before Group of 20 officials gather in Washington to discuss the state of the world economy. Similar calls ahead of a G-20 finance ministers meeting in Shanghai six weeks ago were rebuffed by top officials who said the world economy isn’t on the brink of crisis.