France Says G8 Summit to Promote Confidence in World Economy

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Last updated at: (Beijing Time) Monday, June 02, 2003

France Says G8 Summit to Promote Confidence in World Economy

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The Group of Eight (G8) leaders would take the chance of their annual summit in Evian to boost global investors and consumers' confidence in world economic growth, French President Jacques Chirac's spokeswoman Catherine Colonna said in Evian Sunday.

The leaders will exchange views on the international economic situation and trade related issues, Colonna told a news conferencehere, adding that the G8 will also discuss ways to deal with economic crisis.

The G8, namely Britain, Canada, France, Germany, Italy, Japan, Russia and the United States, will focus on broad economic and political matters such as globalization, environment, debt relief,anti-terrorism, the Iraq issue and aid to Africa during their summit on Monday and Tuesday in Evian, a spa town in southeastern France.

Speaking at the news conference, Colonna also suggested that discussion of euro-US dollar developments might take place during the gathering of the world's seven leading industrialized nations plus Russia.

Asked whether the dramatic plunge in the US dollar might be brought up, Colonna said:" We will see."

During recent months, the dollar has plunged about 20 percent against the euro, which was seen as the most unsettling development facing the world economy.

The weaker dollar may benefit US exporters, but the corresponding surge in the euro could pose a major threat to the long-awaited economic recovery in Europe and Japan, some analysts said.

In another development, the informal South-North leaders dialogue meeting opened here on Sunday with the participation of the G8 leaders and heads of state or government of 11 developing countries.

Economic growth and international cooperation are at the top ofthe agenda of the informal meeting, which draws together Brazil, China, India, Mexico, Malaysia, Saudi Arabia, together with five countries of the New Partnership for Africa's Development -- Algeria, Egypt, Nigeria, Senegal and South Africa.

Describing the informal dialogue as an "open and free debate," Colonna said that there would be no final document or communique after the informal dialogue ends later in the day.

Switzerland, together with the United Nations, the World Bank, the International Monetary Fund and the World Trade Organization, are also invited by France to attend the meeting.

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