It just means central banks trying to weaken their currencies (to make their countries more competitive) and other countries complaining about said weakening. It's not really that weird or that war-like.

Lately Japan has been the big easer, and interestingly some of the loudest complaints have come from the Germans, in part because Germans love hard money, but probably more likely because Germany is a big export powerhouse that could lose out if the Euro gets too strong against the yen.