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France defines three objectives of int'l monetary system reform
Date: 2011/1/11 Click: 1022
France wants a reformed international monetary system which is "more balanced", "more stable" and "more transparent", French Economic Minister Christine Lagarde said Thursday at an economic forum hosting many domestic and foreign ministers and economists.

"We must move in one of the steps that are constructive and lead us towards a (monetary) system that is more balanced, more stable and more transparent," Lagarde said at the forum with the theme of "New world, new capitalism."

These three principles will "inspire us to continue what I, myself, identify as three objectives of an improved system," she said, adding that the three objectives are to "better protect" emerging and developing countries and to "better diversify" reserve currencies and "better coordinate."

At the Seoul Summit, heads of states and governments of the G20 have agreed on the need to improve the functioning of the international monetary system, Lagarde recalled.

According to her, under the French presidency of the G20, it should first realize a "common diagnosis of failures" in the current monetary system.

To illustrate the problems, Lagarde cited three "malfunctions" including "high volatility of capital flows", lack of safe and stable reserve assets, and the absence of a proper mechanism for effective coordination in exchanges.

Lagarde envisioned the French presidency of G20 to commit "an ideational mode, a cooperative mode and a mode which can demand contributions from one and another to reach certain conclusions later."

Discussions in this forum "will echo to the priorities of the French Presidency" and "look ahead", according to French Minister of Industry and Energy and the Digital Economy Eric Besson.

France took over the presidency of the G20 from South Korea in December, and began its G8 presidency on Jan. 1. The forum was the third edition of its kind preparing for further discussions to stage within G20 and G8 framework in France and thus focused particularly on "economic policies for the world to come" and "how to reform the international monetary system?"

Besides French Prime Minister Francois Fillon and his Greek counterpart George Papandreou, the forum was also attended by several European finance ministers and economists of high repute.
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