France pledges financial reforms for its G20 presidency

08:06, August 26, 2010      

Email | Print | Subscribe | Comments | Forum 

France which is due to head G-20 and G-8 forums called on Wednesday for financial monetary system reform and pledged measures to monitor raw materials prices fluctuation to avoid any potential economic and financial downturn.

"What is now desirable, even necessary, is to develop instruments to avoid excessive currency volatility, the accumulation of imbalances, emerging countries' attempts to have higher level of foreign exchange reserves...," French President Nicolas Sarkozy said while addressing ambassadors.

He reiterated that the world has become multipolar and could no longer be dominated by a single currency, and the G20 is expected to replace the G7 as a forum for international debate on these issues.

France will alternatively chair the G-20 from November and the G-8 from January 2011.

Sarkozy confirmed his intention to discuss in G20 ways to fight against the wide fluctuations of raw materials prices, primarily agricultural, citing the violent movements experienced by those of wheat.

He estimated that raw materials markets should be regulated according to decisions taken by the first G20 summit on financial derivatives products.

"For agricultural raw materials, several opportunities could be explored: market transparency; inventory policies, but also the creation by international financial institutions of insurance- tools to allow importers to protect themselves from price volatility," he added.

Regarding energy prices, the French president said France would suggest proposals to improve market transparency and begin "a dialogue between producers and consumers to limit price fluctuations."

He proposed the formation of a G20 "secretariat" to oversee the implementation of important decision of summit, with a role in development et climate measures.

The G-20, a forum composed of 19 countries and the European Union, regularly convenes financial ministers and central governors from members for cooperation and consultation on matters in relation with the international financial system.

Collectively, the G-20 economies cover two-third of the world population and comprise over 90 percent of global gross domestic product.

Source: Xinhua

(Editor:祁澍文)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Supporters of the Iranian team hold up placards during the final match between Iran and China at the 16th Asian Men's Volleyball Championship in Tehran, capital of Iran, Sept. 29, 2011. Iran won the final 3-1 and hence the champion of the tournament on Thursday. (Xinhua/Ahmad Halabisaz)
  • Players of Iran attend the awarding ceremony of the 16th Asian Men's Volleyball Championship in Tehran, capital of Iran, Sept. 29, 2011. Iran won the champion after beating China 3-1 in the final on Thursday. (Xinhua/Ahmad Halabisaz)
  • Players of Iran celebrate after winning the final against China at the 16th Asian Men's Volleyball Championship in Tehran, capital of Iran, Sept. 29, 2011. Iran won the champion after beating China 3-1 in the final on Thursday. (Xinhua/Ahmad Halabisaz)
  • Players of Iran attend the awarding ceremony of the 16th Asian Men's Volleyball Championship in Tehran, capital of Iran, Sept. 29, 2011. Iran won the champion after beating China 3-1 in the final on Thursday. (Xinhua/Ahmad Halabisaz)
  • Greek artists burn copies of emergency tax notices during a protest against austerity measures in Athens, Greece, on Sept. 29, 2011. The Greek government is facing a new wave of protests as it introduces new austerity measures to obtain the sixth tranche of aids necessary to overcome the acute debt crisis.(Xinhua/Marios Lolos)
  • A winner of the 36th Miss Bikini International 2011 poses for a photo at the Olympic Sailing Center in Qingdao, a coastal city of east China's Shandong Province, Sept. 29, 2011. (Xinhua/Chen Jianli)
Hot Forum Discussion