France Wants New System Of Global Currencies

1-christine-lagarde_384 Are the days of each nation having its own currency numbered? France is calling for a global financial system based around “international currencies,” RTE News reports:

France, as current head of the Group of 20 countries, will help the transition to a global financial system based on ‘several international currencies’, French Economy Minister Christine Lagarde said today.

Lagarde, speaking ahead of a G20 finance ministers meeting in Paris on Friday and Saturday, said the world had to move on from the ‘non-monetary system’ it now has to one ‘based on several international currencies’.

Accordingly, France wants to see less need for countries, especially the emerging economies, to accumulate huge foreign reserves, she said.

At the same time, international capital flows should be better regulated and the role of the Special Drawing Rights issued by the International Monetary Fund should be reinforced by the inclusion of China’s yuan in the system.

China, whose booming economy now ranks second only to the US in size after overtaking Japan, has accumulated massive forex reserves of more than $2.5 trillion on the back of its sustained trade surpluses and foreign fund inflows.

Washington says the build-up reflects an unfair undervaluation of the yuan, a charge Beijing rejects.

France has previously said it wanted to see the global financial system reduce its reliance on the dollar for a more broad-based arrangement.

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  • Liam_McGonagle

    Good timing! With the single most glaring failure of the Euro being the lack of a unified central bank structure to oversee monetary policy, and Euro members practically stepping on their own nuts to get out of it, she wants to expand the idea!

    Well, at least it’s nice to know that the United States doesn’t have a complete monopoly on idiocy.

    http://en.wikipedia.org/wiki/Christine_Lagarde

    La crise, c’est fini! –Mme. Lagarde, 2008

  • Liam_McGonagle

    Good timing! With the single most glaring failure of the Euro being the lack of a unified central bank structure to oversee monetary policy, and Euro members practically stepping on their own nuts to get out of it, she wants to expand the idea!

    Well, at least it’s nice to know that the United States doesn’t have a complete monopoly on idiocy.

    http://en.wikipedia.org/wiki/Christine_Lagarde

    La crise, c’est fini! –Mme. Lagarde, 2008

  • Guest

    >France wants America to prop up its terrible economy and lazy, entitled labor unions.

    FTFY

  • Andrew

    It’s just money.

  • Andrew

    It’s just money.

  • Other Mr. T

    No one takes French politicians seriously, especially the Chinese. How about a hundred more FED quantatative easing rounds for US, would the crazy globalist technocrat creatures be happy then? Afterwards, we can send Obama to apologize, bow and scrape in front of them some more.

  • Other Mr. T

    No one takes French politicians seriously, especially the Chinese. How about a hundred more FED quantatative easing rounds for US, would the crazy globalist technocrat creatures be happy then? Afterwards, we can send Obama to apologize, bow and scrape in front of them some more.

  • Hadrian999

    too many people make too much money in the currency game to let anyone kill the golden goose

  • Hadrian999

    too many people make too much money in the currency game to let anyone kill the golden goose

  • 5by5

    Well that’ll take all the fun out of counterfeiting….

    I still miss the Deutsche Mark, and I don’t think the Greeks EVER should have given up on the Drachma for purely historical reasons, just because it’s one of the oldest currencies. And playing Monopoly in Lira? Hella fun.

  • 5by5

    Well that’ll take all the fun out of counterfeiting….

    I still miss the Deutsche Mark, and I don’t think the Greeks EVER should have given up on the Drachma for purely historical reasons, just because it’s one of the oldest currencies. And playing Monopoly in Lira? Hella fun.

  • Lawrencesroberts

    We need a currency based on calorific heat or energy which is inflation and manipulation free.

  • Lawrencesroberts

    We need a currency based on calorific heat or energy which is inflation and manipulation free.

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