France, U.S. Diverge on G-20 Goals |
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January 11, 2011
French President Nicolas Sarkozy said he recognized the importance of the dollar, but vowed after meeting President Barack Obama "to propose new ideas" that could affect the international currency system—suggesting a divergence in economic priorities.
French President Nicolas Sarkozy said he recognized the importance of the dollar, but vowed after meeting President Barack Obama "to propose new ideas" that could affect the international currency system—suggesting a divergence in economic priorities.
Mr. Sarkozy, who will host the November summit of the Group of 20 leading industrialized nations, has pushed his foreign counterparts to consider reducing the role of the dollar as part of an overhaul of the international monetary system.
French officials have said an overreliance on the dollar exacerbated the financial crisis by shifting capital from low-interest-rate rich countries to higher-yield emerging-market nations. But French officials haven't specified another proposal for a new monetary system.
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