US dollar ‘unstable’ reserve currency

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Press TV
January 11, 2011

French President Nicolas Sarkozy has visited his US counterpart Barack Obama, discussing several issues including the reduction of the influence of the US dollar.

As France is hosting G8 and the G20 this year, the Monday meeting was focused on reforming the world economy and preventing another global recession, particularly on the US dollar.

Sarkozy considered the current model which uses the US dollar as the primary reserve currency as “unstable” and stressed that it “makes part of the world dependent on American monetary policy.”

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However, Sarkozy assured Obama that France still considers the dollar as the number one global currency reserve.

Obama echoed Sarkozy’s concern for serious monetary reforms, saying that he and his French counterpart are negotiating the exact reforms needed to be put before the world’s industrialized and emerging nations at the upcoming G8 and G20 meetings.

Both leaders pledged to cooperate and coordinate what they called new ideas about reorganizing the world economy.

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After meeting in private for two hours, the two leaders invited the press into the Oval Office for comments.

Obama said he and Sarkozy — the most pro-American French President in years — were slated to hold talks on Afghanistan, Iran, Ivory Coast, Sudan, the Middle East and Lebanon.

This article was posted: Tuesday, January 11, 2011 at 8:32 am







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