To make a long story short ...

The European Union has also expressed deep concern about the appreciation of the euro against the U.S. dollar.

But at the IMF and Group of Seven meetings this weekend, many analysts believe the American currency may continue to depreciate as the housing recession undermines the powerful U.S. economy.

Despite the concerns, the finance ministers and central bankers were short on solutions. They decided against intervening in currency markets to shore up the U.S. dollar, and conversely taking some strength out of the Canadian dollar and the euro.