Call for New  Global Currencies Deal

By Alan Beattie and Tom Braithwaite in Washington and Joshua Chaffin in Brussels
Published: October 4 2010 19:12
Last updated: October 4 2010 19:12

The world’s leading countries should agree a new currency pact to help rebalance the global economy, a leading association of financial institutions has urged.

The Institute of International Finance, which represents more than 420 of the world’s leading banks and finance houses, warned on Monday that a lack of such co-ordinated rebalancing could lead to more protectionism. Charles Dallara, IIF managing director, said: “A core group of the world’s leading economies need to come together and hammer out an understanding.â€