Baku – APA-Economics. The world is at risk of a currency war after the Brexit vote, as each economy seeks to devalue their own money in a bid to boost growth, Mario Draghi has warned, APA-Economics reports citing to the Telegraph.
The European Central Bank president urged colleagues across the globe to coordinate their efforts, in order to avoid competitive currency devaluations between economies, which could undermine attempts to boost world growth.
The ECB president said that competitive devaluations of this kind, often known as currency wars, were a “lose-lose for the global economy, since they only lead to greater market volatility, to which other central banks are then forced to react”.
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