American bankers were among international financial experts thronging Paris this week, as two monetary conferences got under way.
GV PAN TO Hotel Intercontinental
SV INT Delegates Stein and Thunholm and Adams
SV Delegates at table
SV Delegates Allen Kloten and Stein
SV Delegates seated
SV Delegates Petersen, Wauters, Prochnow and Dhom
SV Flags in hall
GV Named delegates
Initials BB/0103 TT/DE/BB/0111
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Background: American bankers were among international financial experts thronging Paris this week, as two monetary conferences got under way.
An international monetary conference run by the American Bankers Association and the annual meeting of the Organisation for Economic Cooperation and Development are both being held in Paris, as speculation mounts that Washington will move again to bolster the ailing dollar.
Top U.S. officials travelled to Paris for the conferences. President Nixon's chief economic adviser, Dr. Herbert Stein, addressed the bankers. U.S. Treasury Secretary, George Schultz, and the chairman of the Federal Reserve Board, Arthur Burns, also came. But they returned to Washington on Wednesday (6 June).
As the dollar showed signs of rallying on European markets -- in the face of expected new measures from Washington -- Dr. Stein told the bankers that the present system of floating currency values was working well.
SYNOPSIS: American bankers gathered at Paris's Hotel Intercontinental this week, for an International monetary conference, one of two currently being conducted in Paris.
Whilst the bankers discussed financial matters at one end of Paris, the annual conference of the Organisation for Economic Cooperation and Development got under way as well.
Uppermost in the minds of many of the delegates were the troubles currently facing the U.S. dollar. The bankers heard President Nixon's chief economic adviser. Dr. Herbert Stein, declare that the present system of floating currencies was working.
Other top U.S. officials in Paris for the conferences included U.S. Treasury Secretary, George Schultz, and the chairman of the Federal Reserve Board, Arthur Burns.