WRAPUP 1-France, Russia want deeper currency debate

Jul 5, 2009 15 related

By Anna Willard AIX-EN-PROVENCE, France, July 5 (Reuters) - France and Russia on Sunday urged a debate about the world's reserve currencies saying the current system, which is dominated by the U.S. dollar, was out of date. However, Russia said at the moment there was no obvious replacement for the U.S. dollar and the euro and European Central Bank Jean-Claude Trichet said it was important that the United States stayed committed to a strong currency. Leaders from the Group of Eight major industrial nations and the world's main developing economies will hold talks from July 8-10 in the Italian city of L'Aquila. China has been pushing for a debate on reserve currencies at the meeting. 'We should explore a better coordination of foreign exchange policies which would raise the question over the medium term of the balance of... [read full story]