LONDON (Reuters) - The leaders of the Group of Twenty (G20) leading and emerging nations will agree at a summit on Thursday to refrain from currency moves that would hurt each other's economies, according to a draft statement.
"We commit to conduct our economic policies responsibly with regard to the impact on other countries and to refrain from competitive devaluation of our currencies," said the draft, obtained by Reuters.
The draft statement lists further G20 agreements to boost resources for the International Monetary Fund, multilateral development banks and for trade finance, while leaving as blanks the exact amounts of any increases.
On fiscal stimuli, it added: "We are committed to delivering the scale of sustained effort necessary to restore growth while ensuring long-run fiscal sustainability."
In the run-up to the meeting the United States has pressed for more stimulus action, but mainland Europe has said it has done enough for now and rejected suggestions that its overall effort lags well behind that of the United States.
The draft notes that G20 central banks have pledged to maintain expansionary policies as needed "using the full range of monetary policy instruments, including unconventional policy instruments, consistent with price stability."
Describing such fiscal and monetary measures as the largest combined stimulus drive in modern times, it added:
"Our objective is that they will enable the global economy to expand ... by the end of 2010," with the exact amount of the expansion left blank.
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