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Sarkozy pushes for better-run global economy

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Sarkozy pushes for better-run global economy

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President Nicolas Sarkozy has called on the world’s richest nations to manage the global economy better.

The comments came as the French leader spelled out his government’s ambitious priorities for its year long G20 presidency.

Sarkozy is pushing for reform of the international monetary system and said: ‘‘If the G20 is to remain legitimate it must remain effective. Our goal is to create fundamental working groups. These can no longer wait and must be able to show concrete results, for public opinion which is increasingly impatient.’‘

He also said the emergence of other international currencies was inevitable but that the role of the US dollar would not be contested.

Despite that, Sarkozy has previously said that the dollar’s pre-eminence as a reserve currency was destabilising the monetary system and must be reformed.