Thursday, January 27, 2011

The next step is a global currency...

Sarkozy says IMF should supervise global imbalances

The International Monetary Fund's mandate should be expanded to measure, monitor and enforce new rules on global economic imbalances, French President Nicolas Sarkozy said on Thursday.

He told bankers and business leaders at the annual World Economic Forum in Davos the first task was to develop a set of relevant indicators to define and measure imbalances in trade, currencies, current accounts and other factors.

"In the view of the French G20 presidency, there is only one appropriate international organization which is in a position to do this, which is the IMF," he said.

"So i think it's worthwhile rethinking the IMF statutes to make it the organization in charge of economic, financial and monetary policy coordination and of enforcing the indicators."


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