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France, Germany , Russia AGREE on the NEED of MONETARY REFORM...
DEAUVILLE, France (Dow Jones)--German and Russian leaders Tuesday said they are supporting France in its projects for the Group of 20 industrial and developing nations, especially on reforming the global monetary system.
France has identified three key priorities for when it takes the presidency of the G20: reforming the international monetary system, addressing problems and volatility in commodity markets, and improving global governance.
"The choice of the theme of a future monetary architecture is a very good choice and we support [France] very actively on this project," German Chancellor Angela Merkel said.
"We are seeing the question of currencies and exchange is central and one of the potential risks of moving towards protectionism," Merkel added, speaking at a summit with French President Nicolas Sarkozy and Russian President Dmitry Medvedev.
Medvedev also pledged support for France's monetary reform plans and said the G20 should make "decisive steps."
"We will talk about reserve currencies and perhaps the creation of a global reserve currency," the Russian President said.
An advisor to Sarkozy said at the weekend that the world is currently living in a monetary "non-system."
Sarkozy said in Deauville that the exercise shouldn't involve finger pointing at certain countries and currencies.
"If we enter conflict, we'd just add instability," Sarkozy said. The challenge is to create the bases for a new monetary system, he said.
-By William Horobin, Dow Jones Newswires, +33 1 4017 1737;
william.horobin@dowjones.com
(Adam Mitchell contributed to this item.)
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(END) Dow Jones Newswires
October 19, 2010 06:43 ET (10:43 GMT)
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Subject: France, Germany , Russia AGREE on the NEED of MONETARY REFORM...