G-20 finance ministers gave no guarantees that they would take steps to strengthen the dollar, but did affirm their support for continued government stimulus efforts until the recovery of the world economy is more stable. As a result, while Wall Street opened higher on Monday, the dollar fell to $1.50 against the euro, the lowest threshold in weeks.
“Economic and financial conditions have improved following our coordinated response to the crisis,” said a statement from the finance ministers of the Group of 20, comprising the world’s wealthiest nations, “However, the recovery is uneven and remains dependent on policy support.”
The ministers cited the concern of the rising global unemployment, even as the economy strengthens. In the United States, the unemployment rate reached 10.2%, a 26-year high.
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