French President: Dollar Can't Remain World's Only Reserve
Currency
PARIS -(Dow Jones)- French President Nicolas Sarkozy said Wednesday that the
dollar can't remain the world's only reserve currency, as the rise of emerging
powers such as China and Russia challenge the U.S.'s prominence.
"The political and economic reality of a multipolar world will have to find
sooner or later a translation on the monetary level," Sarkozy told foreign
ambassadors, gathered for a yearly reception at the Elysee Palace. "A multipolar
world can't count upon one currency only."
Sarkozy also said that he won't allow the euro to be the only currency to bear
the weight of foreign exchange market adjustments as has happened in the past.
-By Gabriele Parussini, Dow Jones Newswires; +33-1-4017-1740;
gabriele.parussini@dowjones.com.
(END) Dow Jones Newswires
08-26-091106ET
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