France Call Promote International Monetary Reform
|
French Economy, Finance and Employment Minister Christine Lagarde called for a further 11 in Paris to promote international monetary system reform, to establish a reserve currency diversification, to address the imbalance of economic development of the new system.
Lagarde in Paris the same day a seminar on the international monetary system that the U.S. dollar in today's world is only a reserve asset, there are a number of economic development regions, this pattern increases the vulnerability of the world economic system. Rapid depreciation of the dollar situation, will be directly exposed to the world economy under the impact of the financial turmoil.
She said that the international financial crisis in 2008 before the international monetary system can not predict the current world economic imbalances; in the process of crisis, it has fully exposed its limitations, can not prevent large-scale flow of capital, caused the crisis in the world within the spread. Capital flows and exchange rate fluctuations in recent years, threatening global economic stability, emerging market economies become the first victims.
Lagarde said that due to economies closely linked in the context of globalization, a country is difficult to isolate and resolve the plight of the current global economic imbalances, the French government advocated the strengthening of coordination and cooperation between governments. The solution to global imbalances in which a possible choice for the emerging market economies to build a financial safety net.
She said that the legitimacy of the existing international monetary system is based on the agreement signed in 1971, all countries, and these agreements have not really been questioned. Today, the world economy has undergone profound changes, globalization has brought financial and economic exchanges become more frequent and closer, the sudden emergence of emerging market economies. The international community needs to re-examine existing global monetary system. France is in favor reserve currency diversification, the International Monetary Fund Special Drawing Rights component of a basket of currencies may offer a choice.
Lagarde said the Group of Twenty and the International Monetary Fund in promoting the reform of the international monetary system has taken important measures, but so far have not yet introduced substantive and structural measures. As the rotating presidency of the Group of Twenty, the French can not provide ready-made solutions, and France will actively promote the relevant discussions, hoping to form a constructive solution, the international monetary system towards promoting growth, enhancing international coordination direction.
France started since last month as rotating chairman of the Group of Twenty. Last month French President Nicolas Sarkozy said in an interview, the French presidency as during the Group of Twenty three key objectives will focus on: the establishment of a new international monetary system, international financial transactions by tax-funded the development of Africa, and to control excessive volatility in raw material prices. |
|
Author Resource:-
I am a editor, http://www.frbiz.com provides claw foot tubs,duracell rechargeable battery,polaroid pink camera, welcome to visit!
|
By :
Jessie Stone
Submitted
2010-12-19 18:31:12 |
Article From Article Mayhem
 Ezine ready view |
|
|
|
Related Articles
|
|
|
![[Valid RSS feed]](http://www.articlemayhem.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed![[Valid RSS feed]](http://www.articlemayhem.com/images/rss.jpg "XML Feed For RSS")