European Central Bank refuses to participate in talks on 'currency wars,' proposed by Russia

European Central Bank President Mario Draghi refused to engage in a discussion about the decision of several countries to devalue their national currencies in order to support economic growth, dismissing such talks as futile.

All actions undertaken in the last several days with regards to the exchange rate are futile and undermine the ECB's position, Draghi said during a joint press conference with Chairman of the Central Bank of Russia (CBR) Sergei Ignatyev on Friday. He said that he will not engage in futile dialogue.

This week, the G7 countries voiced opposition to the fact that several countries had devalued their currencies in order to support growth in local economies.

Russian Deputy Finance Minister Sergei Storchak considered this to be a mild statement, noting that the topic of "currency wars" is also likely to be reflected in a gentle manner in a G20 statement. Storchak stressed that the countries which currency devaluation concerns have yet to express an opinion.

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