BREAKING NEWS

France wants reform of global currency system

By ASSOCIATED PRESS

OCTOBER 8, 2010 04:09

WASHINGTON — France plans to make reform of the global currency system a top goal when it takes over the presidency of the Group of 20 nations in November.

Finance Minister Christine Lagarde, announcing French objectives during its yearlong term, said recent exchange rate interventions, notably by China, but also by Japan and South Korea, underscore the need for better coordination among governments.

She told a Washington think tank audience late Thursday that France wants to kick start discussions on the issue with as few preconceived ideas as possible "but with the openness to create something that is working better" than the current system.

Lagarde is attending the annual meetings of the International Monetary Fund and World Bank.

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