BREAKING NEWS

Sarkozy: Global monetary system should not rely on dollar

By ASSOCIATED PRESS

JANUARY 10, 2011 21:59

WASHINGTON — President Barack Obama says the US and France must work together this year to address pressing financial issues as the world climbs out of the global economic crisis.

Speaking at the White House alongside French President Nicolas Sarkozy, Obama said he looks forward to working with France to help frame the agenda for the upcoming G8 and G20 economic summits. France currently holds the presidency of both groups and will host both summits later this year.

Sarkozy says that while he recognizes the importance of the US dollar to the global economy, he wants to work with the US to address current currency imbalances. Sarkozy thinks the global monetary system should not rely so heavily on the US dollar as the world's main reserve currency. He has not proposed specifics about how he envisions a possible future system.

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