19 April 2011, 11:00 h, Sheraton Hotel, Sofia
On 19 April 2011, at 11:00 h, at the Sheraton Hotel, in Sofia, The Atlantic Club of Bulgaria, with the cooperation of the Institute for Cultural Diplomacy in Berlin, organized a keynote speech of the recently appointed ambassador of France to Bulgaria H.E. Philippe Autie.
In his speech, Ambassador Autie outlined the major priorities and goals before the French chairmanship of the G-20, which included 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 was one of the major leaders of the EU and by holding the chairmanships of both the G-8 and G-20 was literally “leading the world”. G-20 represented 85% of the Global Economy and nearly two thirds of the global population and in the words of H.E. Autie the organization had 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 was currently facing was the international currency system reform. The Ambassador expressed concern that the scenario of a global currency war was real; however, the G-20 could prevent such an outcome by focusing on efforts to create a more sustainable and stable global currency system.
Another point raised in the Ambassadors speech was the possibility of empowering the International Monetary Fund to monitor the international capital flows and that the states could regulate these flows, while refraining from direct interventions. Another priority of the French G-20 Chairmanship was the internationalization of the currencies of some developing states. Ambassador Autie mentioned that the G-20 countries were looking for ways to expand the current global currency basket. The idea of adding the Chinese yuan was being considered. He stressed that the strengthening of financial regulation, together with the reform of the international currency system, was the top priority for the French Chairmanship of G-20.