Sarkozy rails against 'currency disorder'

Jan. 7, 2010 at 4:14 PM
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PARIS, Jan. 7 (UPI) -- French President Nicolas Sarkozy Thursday called for an end to "currency disorder," that has undercut European businesses.

"There cannot be financial, economic and social order until we put an end to currency disorder," he said, vowing to make currency stabilization a priority for the Group of Eight and Group of 20 international forums.

Sarkozy has long been critical of China's financial policy of keeping its currency undervalued to help its economy, which is heavily dependent on exports, The Financial Times reported Thursday.

He is no fan of the U.S. dollar's recent slide, either.

"We can't increase the competitiveness of our businesses in Europe and have the dollar lose 50 percent of its value against the euro," Sarkozy said at a press conference in Paris.

"You know how close I feel to the United States. But this is not possible. The world has become multi-polar. We must have a multi-monetary system," he said.

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