France sets out G20 leadership plan
Source: Agencies |
January 25, 2011, Tuesday
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Print Edition
Print Edition
FRENCH President Nicolas Sarkozy was set to spell out his plans for reforming the international monetary system and curbing volatility in food and fuel prices yesterday in a keynote speech on France's year-long G20 presidency.
The address, billed as the -official launch of his ambitious agenda, was expected to present the findings of whirlwind consultations with G20 leaders including Chinese -President Hu Jintao and US President Barack Obama on the three key areas of France's presidency.
Seeking to capitalize on his G20 leadership to improve his dire poll ratings at home, Sarkozy was expected to be most specific about measures to tackle high commodities prices, rather than his designs for overhauling the world's monetary system and reforming global economic governance.
A spike in world food prices to record highs in December has pushed commodities up the G20 agenda. But Sarkozy appears to have garnered scant foreign support for plans to wean the world economy off its reliance on the US dollar and establish a "new Bretton Woods" system.
"Everything he puts forward has been discussed with the main partners," said a senior advisor to Sarkozy. "These are not solutions but some action points."
In recent weeks, French officials have played down hopes for achieving a major breakthrough on monetary reform by the time France's presidency concludes at a Cannes summit in November, but they point to commodities as an area where much can be done.
Sarkozy's conservative UMP party has strong roots in rural France and the commodities theme is seen as a potential vote winner in next year's presidential election.
A poll on Sunday showed Sarkozy's approval rating down near record lows at 30 percent.
The address, billed as the -official launch of his ambitious agenda, was expected to present the findings of whirlwind consultations with G20 leaders including Chinese -President Hu Jintao and US President Barack Obama on the three key areas of France's presidency.
Seeking to capitalize on his G20 leadership to improve his dire poll ratings at home, Sarkozy was expected to be most specific about measures to tackle high commodities prices, rather than his designs for overhauling the world's monetary system and reforming global economic governance.
A spike in world food prices to record highs in December has pushed commodities up the G20 agenda. But Sarkozy appears to have garnered scant foreign support for plans to wean the world economy off its reliance on the US dollar and establish a "new Bretton Woods" system.
"Everything he puts forward has been discussed with the main partners," said a senior advisor to Sarkozy. "These are not solutions but some action points."
In recent weeks, French officials have played down hopes for achieving a major breakthrough on monetary reform by the time France's presidency concludes at a Cannes summit in November, but they point to commodities as an area where much can be done.
Sarkozy's conservative UMP party has strong roots in rural France and the commodities theme is seen as a potential vote winner in next year's presidential election.
A poll on Sunday showed Sarkozy's approval rating down near record lows at 30 percent.
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