- CNTV English - CCTV News

Homepage > News > Biz >

France pledges financial reforms for its G20 presidency

08-26-2010 08:29 BJT

PARIS, Aug. 25 (Xinhua) -- 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.

Editor:Xiong Qu |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program