Despite the ostensible firmness in the vow by the G20 that the member countries will refrain from competitive devaluation, the world may have to endure a currency flood as the developed countries resort to currency printing to float their economies.

The G20 finance ministers and central bankers released a carefully worded draft communique at the end of their summit in Moscow on Saturday that upheld market-based exchange rate policies while avoiding criticizing Japan for its recent currency-depreciating policies.

While pushing forward coordination to combat the global economic slowdown, International Monetary Fund chief Christine Lagarde said during the summit that talk of a currency war is "overblown".