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In a New Year greeting to around 300 foreign diplomatic officials and journalists at the Elysee Palace on Monday, French President Nicolas Sarkzoy outlined priorities for upcoming G8 and G20 summits in 2011 as France takes over the presidency of both fora.
Above all, reform of the international monetary system (IMS) will be placed on top of G20 priorities. France regards this reform as "collective responses" to dysfunctions in international monetary relations against the backdrop of "the rise of large emerging markets," the Elysee Palace said in a press release.
"I will have the opportunity to meet with (Chinese) President Hu Jintao for the first seminar on reform of the international monetary system in China at the end of March," Sarkozy said.
The seminar, which is expected to garner leading international experts on monetary affairs, will be the first open and formal discussion on this issue within the G20 framework. But Sarkozy admitted he does not expect a sea of changes or firm conclusions.
Referring to China and the United States both as "great nations," the French president blunted criticism on the U.S. dollar. "... dollar will remain as the predominant currency, but dominant doesn't mean the single currency or the only currency," he said. But he added that it is "pointless" to "challenge U.S. dollar."
France has no favor for a fixed exchange rate and it is " undeniable" that the emerging countries will lead to a new currency emerging on behalf of them, Sarkozy stressed, taking into account the presence of a lot of "common interests" between the United States and China.
Sarkozy pressed for the IMS reform. "Once we begin to put this issue on table, we are be able to draw conclusions, even it will take a lot of time."
Reining in major commodities' volatile prices will also be high on France's G20 agenda, especially those concerning energy and agricultural goods. Recalling changes in the energy and agricultural sectors in the past 20 years, Sarkozy said that " France has to defend a common agricultural policy."
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