• Short Summary

    In Paris on Friday (9 March) Finance Ministers of the World's fourteen richest nations spent none hours discussing the present International monetary crisis.

  • Description

    In Paris on Friday (9 March) Finance Ministers of the World's fourteen richest nations spent none hours discussing the present International monetary crisis.

    Ministers from the nine Common Market countries, the U.S.A., Japan, Canada and sweden attended, with the Swiss minister attending as an observer.

    Although no decision was reached on what the final solution to the present money crisis will be, a communique stated that a further meeting would take place on Friday, March 16th. Until then Foreign Exchange markets would remain closed. the communique indicated that the ministers were agreed on the need to defend "an orderly system of international exchange rates", although it did not specify that they should necessarily be fixed rates.

    The Chairman of the meeting, French Finance Minister M. Valery Giscard d'Estaing stated that the discussions had been held in a good atmosphere even if they had been inconclusive.

    With speculation growing that the Common Market countries will introduce a joint float, M. Giscard d'Estaing emphasised that France would not accept a system which would lead to a revaluation of its currency. This would weaken France's competitive position on world markets.

    SYNOPSIS: Finance Ministers from the world's fourteen richest nations mat in Paris on Friday to discuss the current International money crisis. A delegation from Japan was joined by Ministers from the nine Common Market countries, the United States, Canada and Sweden. Switzerland attended as an observer. The Ministers had a total nine hours of discussions.

    The chairman, French Finance Minister Giscard d'Estaing, said afterwards that the discussions had been held in a good atmosphere, even if they had been inconclusive. No decision was reached on what the final solution to the money crisis will be. However, the Minister agreed on the need to defend "an orderly system of International exchange rates", although they did not specify that they should necessarily be fixed rates. The ministers agreed that the current crisis was due to speculative movements of currency.

    Foreign Exchange Markets are to remain closed until the Ministers gather for a further meeting on the nineteenth of March.

    With the British and Italian currencies both floating, speculation is growing that the other common market countries will introduces a joint float. The French Minister stated that France would not accept a system that would lead to a revaluation of the Franc. This would weaken France's competitive position on world markets.

  • Tags

  • Data

    Film ID:
    VLVA7H28Z551ZXYADYUILDQRNWNNL
    Media URN:
    VLVA7H28Z551ZXYADYUILDQRNWNNL
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    10/03/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:19:00
    Time in/Out:
    /
    Canister:
    N/A

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