• Short Summary

    Finance Ministers from industrialised and developing countries have been meeting in Paris this week for talks to try and reach agreement on the role of gold in World monetary reform.

  • Description

    Finance Ministers from industrialised and developing countries have been meeting in Paris this week for talks to try and reach agreement on the role of gold in World monetary reform.

    The International Monetary Fund (I.M.F.) and its Group of Ten and Group of Twenty-Four have been attempting to reach a compromise on the issue that has found the United States and France directly opposed.

    The U.S. wants the I.M.F. to keep its gold stock, while the French want it returned to the countries who paid it in at the current official price of 42.22 dollars an ounce -- a quarter of the free market value. They would then be able to resell the precious metal at a huge profit.

    Another major point of disagreement is whether central banks should be able to buy gold at free market prices -- America says "yes", France "no".

    Another point of Franco-American disagreement is the future of floating exchange rates. The U.S. Argues they should be recognised as a normal part of the monetary system but France says the aim should be a return to fixed parities.

    With the conference drawing to a close, the guarded optimism that marked its opening on Monday (9 June) has been lost.

  • Tags

  • Data

    Film ID:
    VLVA1IFYOVFADM7L5ASWEO58R1W0D
    Media URN:
    VLVA1IFYOVFADM7L5ASWEO58R1W0D
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    11/06/1975
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:06:00
    Time in/Out:
    /
    Canister:
    N/A

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