Jean-Claude Trichet: Interview with L’Agefi Hebdo
Interview with Mr Jean-Claude Trichet, President of the European Central Bank,
conducted on 20 April 2011 by Mr Philippe Mudry and published on 18 May 2011.
"Q: What importance do you ascribe to the debate on the international monetary system?
A: I think that the points identified by the G20, from a long-term standpoint, particularly the issue of capital flows, special drawing rights and other topics associated with the international monetary system, are interesting. It is good to discuss them. Ultimately, though, we have two questions for the short to medium term. One of these involves the relationships between the major convertible currencies: the dollar, the euro, the yen, the pound Sterling, the Canadian dollar. For over 30 years we have had a system in which these important relationships have been monitored by the G7. From that viewpoint, these relationships have not been destabilised in the course of the crisis. We should congratulate ourselves on this, even though it calls for constant vigilance of course. Then there is a topic on which it seems to me that the international community also agrees, i.e. the ties between the currencies of the major emerging countries, which themselves have very large surpluses, and all the other currencies, including the major convertible currencies. The currencies of these major emerging countries with large surpluses must progressively become more flexible, i.e. appreciate in an orderly and progressive manner."