Nicolas Sarkozy has set has set a full and ambitious agenda for the French presidency of the G20 which will begin in November. At the 18th Conference of ambassadors, he announced three sites: the regulation of commodities markets, the foreign exchange market and the reform of global governance.
"France offers its partners the choice of ambition," declared Nicolas Sarkozy, "the G20 only has the weight, legitimacy and capacity to make decisions necessary to give the necessary impetus to these sites of tomorrow" .
Hobbyhorse straddled the beginning of the year, the "disorder of currencies" calls for reform of the exchange market."The instability of exchange rates poses a major threat to global growth," said the head of the State, for whom it is "desirable, even necessary" to "develop tools to prevent excessive volatility currencies.
To study the issue, he suggested to organize a conference in China to think about how to "strengthen our mechanisms for crisis management. The job may be tough: Beijing supports a reform of the exchange market but is reluctant to give up its currency, the yuan, against the dollar in particular. Americans and Europeans, however, ask him to do so, alleging unfair form of support to Chinese exports.
Regulating commodity
Second site mentioned by the French President, that the commodities market.Nicolas Sarkozy wants me G20 looks at the "very functioning of derivatives markets for raw materials." He also wants to develop "measures of transparency and enhanced dialogue between producers and consumers to limit price fluctuations" in energy.
Last line of work focused on the economy, the President would give the G20 a "secretariat" and expand the jurisdiction of this meeting to development issues and funding climate.
