G-20 Should Avoid Competitive Devaluation Amid Global Economic Weakness

WASHINGTON (Sputnik) — The international community should refrain from competitive devaluation of currencies because the global economy remains weak, US Secretary of the Treasury Jacob Lew said on Wednesday at a joint press conference with European Commission Vice-President Valdis Dombrovskis.

"Given current weaknesses in the global economy, it is also important to maintain our focus on the recommitment made at the last G-20 to consult closely with one another on exchange rate policy, and to refrain from competitive devaluation," Lew stated.

The Treasury secretary noted that the next meeting of G-20 finance ministers and central bank governors should be used as an opportunity to promote global growth.

Lew met with Dombrovskis to discuss changes following the UK decision to exit the European Union, also known as Brexit, according to the Treasury.

Lew urged the European Union and United Kingdom to hold negotiations on the future of their relationship in "a smooth, pragmatic and transparent manner."

On June 23, the United Kingdom held a referendum to determine whether the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.