Ambassador Autie: France's G-20 Chairmanship Set on Global Currency Reform

Diplomacy | April 19, 2011, Tuesday // 14:11|  views

French Ambassador to Bulgaria Philippe Autie (right) delivered a keynote lecture at the invitation of Atlantic Club President Solomon Passy (left). Photo by BGNES

The French Chairmanship of the G-20 is focused on reforming the global currency system, including by making it more flexible, France's Ambassador to Bulgaria Philippe Autie said in Sofia Tuesday.

His Excellency delivered a keynote lecture on the French G-20 Chairmanship at the Sheraton Sofia Hotel Balkan organized by the Atlantic Club in Bulgaria; the lecture was one of Autie's first major public appearances since he took over the position recently.

In opening the lecture, Dr. Solomon Passy, the President of the Bulgarian Atlantic Club pointed out that through its current chairmanships of both the G-20 and G-8 France is literally "leading the world", and that it is one of the major leaders in the EU.

Ambassador Autie pointed out that the G-20, which represents 85% of the global economy and two-thirds of the global population, as an organization has managed to meet its responsibilities and prevent a complete economic collapse that could have ensued from the global economic crisis.

He stressed presented the main priorities of the French Chairmanship of the global economic forum by pointing out that the reform of the international currency system is of utmost importance.

His Excellency said it is currently suffering from the increasing instability of the exchange rates, and expressed concern that a global currency war scenario is not impossible. He is convinced, however, that the G-20 can prevent such an outcome by focusing explicitly on efforts to create a more sustainable and stable global currency system.

France's Ambassador mentioned that the International Monetary Fund should be given powers to monitor the international capital flows, and that the states can regulate these flows but should abstain from strict interventions.

Another priority of the French G-20 Chairmanship is the internationalization of the currencies of some developing states. Autie pointed out that the way in which the global currency basket can be expanded, for example, by including the Chinese yuan, is being considered by the G-20 states.

He stressed that the strengthening of financial regulation, together with the reform of the international currency system, is the top priority for the French Chairmanship of G-20.

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Tags: G-20, France, Philippe Autie, French Ambassador, G-8, yuan, currency wars

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