President Georges Pompidou of France today (Monday, 14 December) warned the world's richest nations against the renewed temptation of trade protectionism, which he said would lead to economic slowdown.
President Georges Pompidou of France today (Monday, 14 December) warned the world's richest nations against the renewed temptation of trade protectionism, which he said would lead to economic slowdown. President Pompidou, whose warning came amidst widespread concern in paris over the trade bill now before the American Congress, also questioned the dollar's prerogative as a universal currency. The French leader was speaking at a ceremony marking the tenth anniversary of the Organisation for Economic Cooperation and Development (O.E.C.D.).
President Pompidou posed a series of economic questions in his address at the Paris headquarters of the O.E.C.D., which groups 22 of the world's richest industrial nations. he asked if the dollar's role as the leading reserve currency was compatible with a permanent deficit in America's balance of payments.
President Pompidou stressed the importance of the O.E.C.D.'s relations with the developing nations. There was, he said, no more pressing need that to provide the third world with the aid it needed to cross the threshold beyond which progress would be self-supporting. Failure to provide assistance would give developing nations the choice between totalitarian structures and revolt against industrialised nations.