Finance Ministers from the 126 member states of the International Monetary Fund, whose five-day meeting in Nairobi ended on Friday (28 September) have failed to make any significant progress in the crucial issue of world monetary reform.
GV Delegates arrive at conference centre.
SV Japanese delegate arrives and enters followed by other delegates.
SV Japanese Finance Minister Aichi enters
CU IMF sign.
SV German Finance Minister Schmidt seated with German delegation.
SV Equatorial Guineau delegates seated.
SCE Schmidt speaks. with shots, people ???isten
SCHMIDT: "This conference had..has brought us a step clear to .. to monetary reform. One might say that the Committee of Twenty has agreed to agree by the thirty-first of July next year, has agreed to settle the remaining issues by the end of July which means just in time for next annual meeting. This will not mean that all the legal language will have been written up already at thirty-first July next year, it will mean that all the principles are ...or.. agreed upon and the experts and juridical people will then have their round, and afterwards of course comes the round of ratification.
"I have gained the impression in this meeting that ..or.. it is increasingly being realised that inflation has become a world wide threat. I think it's clear that the (indistinct) did not help fighting inflation but by some degree even did..did or..feed world wide inflation.
"I would like to repeat that industrialised countries do have a particular responsibility in this field. My country for instance pursues a very energetic fight against inflation but again I would like to repeat that no country can isolate itself from such a world wide tide, or process, or how ??? like to call it.
"Only concerted action will bering lasting success and I do very much hope for continuing co-operation to stem this inflationary tide."
Initials APSM/21.13 APSM/2129
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Background: Finance Ministers from the 126 member states of the International Monetary Fund, whose five-day meeting in Nairobi ended on Friday (28 September) have failed to make any significant progress in the crucial issue of world monetary reform.
A number of issues have, however, been resolved and the conference set a new deadline in ten months time for the production of a \blueprint for a new world monetary system.
One basic problem is the extent to which the international financial community should be able to control policies of individual countries in the interests of world wide monetary stability.
Despite many calls for international co-operation a member of nations have bulked at the various measures needed to ensure monetary stability. The Arab nations, for instance, have rejected the idea that a country's monetary reserves should be used as an indicator of when a country has to take action to reduce excessive balance of payments surpluses or deficits.
Speaking on Thursday, the West German Finance Minister Helmut Schmidt was among these who stressed the need for international co-operation. The text of an excerpt of his speech (in English) included on this film is given below:
SYNOPSIS: Delegates arrive at the Kenyatta Conference Centre in Nairobi for the fourth day of the meeting of the International Monetary Fund. The 126 member states of the Fund have been meeting in Kenya in an attempt to work out a new international monetary system. They have made some progress but have now set a new deadline in ten months time to draw up a blueprint of a proposed reformed system.
The leader of the West German delegation Finance Minister Helmut Schmidt, called for international co-operation to fight inflation, a fight he said no country could carry out alone.