Trichet - Strong dollar in international community's interest
European Central Bank President Jean-Claude Trichet said on Wednesday that U.S. policy makers had expressed support for a strong dollar and he believed this was in the interest of the United States and the international community.
"Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke have said and say today that a strong dollar versus the other main floating currencies, that's to say against the euro, against the yen, is in the United States' interests," Trichet told a conference.
"I am convinced that it is in fact in the interests of the United States, in the interests of Europe and the whole international community to have a strong dollar versus the other main floating currencies.
"We are in a situation where we need to be permanently alert," Trichet said.
"Do we need to dramatically change governance in Europe? Yes, it's absolutely necessary. That is what we mean by calling to go as far as possible in the direction of an economic and budgetary quasi-federation."
Speaking on the eve of a Group of 20 summit of economic powers in Seoul, Trichet said the global economic crisis has called the system of global governance into question, and he urged Europe to go as far as possible in strengthening its mechanisms of governance.
"We face an economic crisis which has questioned global governance, (European) continental governance, national governance," Trichet told the round table conference.
"It is important that we should be sure that the financial system is more solid. ... We have an enormous problem at a global, continental, national level, to make the systems of governance, the solidity of these structures, more established."
[Source: Reuters, Lyon, France, 10Nov10]
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