Keynote speech of the new ambassador of France to Bulgaria H.E. Philippe Autie
(Sofia, April 19th 2011, 11:00h, Sheraton Hotel)
In his speech Ambassador Autie outlined the major priorities and goals before the French chairmanship of the G-20, which include the reform of the global currency system. In his opening remarks, Dr. Solomon Passy, the President of the Atlantic Club of Bulgaria pointed out that France is one of the major leaders of the EU† and by holding the chairmanships of both the G-8 and G-20 is literally "leading the world. G-20 represents 85% of the Global Economy and nearly two thirds of the global population and in the words of H.E. Autie the organisation has managed to meet its responsibilities and prevent the onset of a complete economic collapse as a result of the global economic crisis. To that end, the biggest priority that G-20 is currently facing is the international currency system reform. The system is currently suffering from the increasing instability of the changing exchange rates, according to the ambassador. He expressed concern that the scenario of a global currency war is real; however the G-20 can prevent such an outcome by focusing on efforts to create a more sustainable and stable global currency system.
Another point raised in the Ambassadorís speech was the possibility of empowering the International Monetary Fund to monitor the international capital flows and that the states can regulate these flows; however they should refrain from direct interventions. Another priority of the French G-20 Chairmanship is the internationalization of the currencies of some developing states. Ambassador Autie mentioned that the G-20 countries are looking for ways to expand the current global currency basket. The idea of adding the Chinese yuan is being considered. He stressed that the strengthening of financial regulation, together with the reform of the international currency system, is the top priority for the French Chairmanship of G-20.