G20: Britain, France and Germany to lead attack on tax evasion A draft of the G20 communique shows that the G7"s promises to avoid currency wars have been watered-down. The G7 pledge, in a statement issued on Tuesday, not to use fiscal and monetary policy "target exchange rates" has reportedly been dropped from the bigger meeting. Fears of so-called "currency wars" were sparked when Japan's new prime minister Shinzo Abe ordered the country's central bank take action to devalue the yen to help the country's economy. Leaders, particularly in the emerging markets, are concerned that the US, Europe and Japan want to devalue their currencies to boost exports. According to reports from Moscow, the draft does not censure Japan, as many expected. In Moscow leaders tried to douse concerns. Mario Draghi, president of the European Central Bank (ECB), said arguing over currency policy was "inappropriate, fruitless and self-defeating." Christine Lagarde, head of the International Monetary Fund (IMF) added: "The current talk of currency wars is overblown. There is no major deviation from fair value of major currencies.