TruthisTreason.net – Kevin Hayden
Source: Asia News
Ahead of the G20 finance minister summit in Nanjing scheduled for today, the French president proposes to boost the capacity of the International Monetary Fund to supervise currency markets. He also wants Special Drawing Rights to become the currency of reference.
Hong Kong – French President Nicolas Sarkozy wants to enlarge the G7 to better manage currency markets, expand the International Monetary Fund’s oversight capacity in the field, and to the IMF’s currency basket, Special Drawing Right (SDR), the currencies of emerging economies, like the Chinese yuan. The SDR is monetary unit of international reserve assets defined and maintained by the IMF itself. The French leader made the proposal at a G20 meeting of finance ministers in Nanjing, China.
“Greater supervision by the IMF” of nations’ balance of payments and reserves “appears indispensible,” Sarkozy said yesterday at a one-day seminar ahead of the summit.
For him, the proposal can become operative right away. “France supports modifying the IMF’s status to expand its oversight capacity,” he noted. This can counter what he views as a “proliferation of unilateral measures during crises resulting in a new financial protectionism in which all economies suffer”....