FOR EUR/ WE
FUNDAMENTAL REFORM OF THE INTERNATIONAL MONETARY SYSTEM. THE
BRETTON WOODS SYSTEM SERVED THE WORLD WELL FOR 25 YEARS, BUT
RADICALLY CHANGING CIRCUMSTANCES, IN PARTICULAR THE EMERGENCE
OF NEW ECONOMIC POWER CENTERS RIVALLING THE UNITED STATES IN
IMPORTANCE, HAVE CAUSED IT TO BREAK DOWN. WE ARE NOW ENGAGED
WITH OUR PARTENERS IN THE IMF IN TRYING TO BUILD A NEW SYSTEM
WHICH WILL LAST AT LEAST AS LONG AND SERVE OUR INTERESTS AT LEAST
AS WELL AS THE BROTTON WOODS SYSTEM.
11. THE UNITED STATES HAS MADE A NUMBER OF CONSTRUCTIVE
PROPOSALS WHICH WE BELIEVE WILL MAKE A NEW MONETARY ORDER
POSSIBLE. SOME OF THESE PROPOSALS HAVE BROUGHT US INTO
DISAGREEMENT WITH THE FRENCH.
FOR EXAMPLE, WE BELIEVE THAT
COUNTRIES THAT RUN LARGE BALANCE OF PAYMENTS SURPLUSES HAVE AS
MUCH RESPONSIBILITY AS DEFICIT COUNTRIES FOR RESTORING EQUILIBRIUM
TO THEIR BALANCE OF PAYMENTS. THE FRENCH, WHILE THEY HAVE
MOVED SOMEWHAT CLOSER TO OUR POSITION, CONTINUE TO BELIEVE
THAT PRIMARY RESPONSIBILITY RESTS WITH THE DEFICIT COUNTRY.
LIKE
THE FRENCH, WE BELIEVE THAT THE NEW SYSTEM SHOULD BE BASED ON
A REGIME OF STABEL EXCHANGE RATES. BUT ALSO WE BELIEVE THAT THESE CENTRAL RATES CANNOT BE DEFENDED AGAINST SPECULATIVE
PRESSURES UNLESS THERE IS MUCH GREATER FREEDOM TO CHANGE
THESE RATES THAN IN THE BRETTON WOODS SYSTEM EVEN, IN CERTAIN
SITUATIONS, THE FREEDOM TO FLOAT. FOR THE FRENCH, ON THE OTHER
HAND, THE LESS MOVEMENT OF EXCHANGE RATES, THE BETTER.
FINALLY, WE BELIEVE SOME MORE SATISFACTORY ASSET THAN GOLD,
WHICH IS SUBJECT TO UNCERTAINTIES OF PRODUCTION AND TO SPECULATIVE
BUYING, SHOULD BECOME THE CENTRAL POINT OF REFERENCE OF THE
MONETARY SYSTEM OF THE FUTURE. WE BELIEVE, IN OTHER WORDS,
THAT THE IMPORTANCE OF GOLD IN THE SYSTEM SHOULD GRADUALLY
DIMINISH AND THAT THE SPECIAL DRAWING RIGHT SHOULD BECOME THE
CENTRAL POINT OF REFERENCE. FRANCE, ON THE OTHER HAND, BELIEVES
THAT GOLD SHOULD CONTINUE TO PLAY AN IMPORTANT ROLE IN THE SYSTEM.
12. UNITED STATES INTERESTS IN THE TRADE FIELD ARE CLOSELY LINKED
TO THE PREPARATIONS WHICH ARE NOW IN PROCESS FOR A MAJOR NEW
ROUND OF MULTILATERAL TRADE NEGOTIATIONS SCHEDULED TO BEGIN LATER
THIS YEAR. WHAT THE UNITED STATES WANTS FROM THESE NEGOTIATIONS
IS A SUBSTANTIAL REDUCTION OF EXISTING BARRIERS, BOTH TARIFFS
AND NON- TARIFF BARRIERS, TO WORLD TRAJE IN BOTH INDUSTRIAL AND
AGRICULTURAL PRODUCTS. WE ARE PARTICULARLY INSISTENT THAT
AGRICULTURE, WHICH WAS FOR ALL PRACTICAL PURPOSES EXCLUDED FROM
THE KENNEDY ROUND NEGOTIATIONS, BE INCLUDED IN THE NEXT ROUND.
THE UNITED STATES IS ONE OF THE MOST EFFICIENT PRODUCERS OF
AGRICULTURAL COMMODITIES IN THE WORLD, AND WE BELIEVE THAT
THE BARRIERS TO AGRICULTURAL TRADE WHICH HAVE BEEN EREDTED BY
THE EUROPEAN COMMUNITY ARE MAKING IT IMPOSSIBLE FOR US TO
REALIZE THE FULL BENEFITS OF OUR COMPARATIVE ADVANTAGE IN THIS
FIELD. I HASTEN TO ADD THAT WE ARE NOT TRYING TO DESTROY THE
COMMON AGRICULTURAL POLICY OF THE EUROPEAN COMMUNITY AS
SOME EUROPEANS SEEM TO THINK. BUT WE BELIEVE THAT THIS POLICY
CAN BE OPERATED IN WAYS THAT MAKE IT LESS HARMFUL TO THE
INNTERESTS OF OTHER COUNTRIES. IT IS PRINCIPALLY OVER THE QUESTION
OF LIBERALIZING TRADE IN AGRICULTURE THAT WE HAVE THE GREATEST
DIFFERENCE WITH FRANCE. FRACE IS THE PRINCIPAL BENEFICIARY
OF THE COMMON AGRICULTURAL POLICY OF THE EUROPEAN COMMUNITY,
AND IT BELIEVES THAT ITS OWN INTERESTS ARE THREATENED BY OUR
EMPHASIS ON LIBERALIZATION OF AGRICULTURAL TRADE.
13. WHAT ALL THIS MEANS IS THAT THE PROMOTION OF U. S. ECONOMIC
INTERSTS IN FRANCE OVER THE NEXT YEAR OR TWO WILL CALL FOR A
VERY CONSIDERABLE EFFORT TO BRIDGE THE GAP BETWEEN OUR RESPEC-
TIVE POSITIONS ON MONETARY AND TRADE QUESTIONS. WE MUST SEEK
TO RESTORE THE LARGE IDENTITY OF VIEWS BETWEEN OUR TWO COUNTIRES WHICH WAS A MAJOR FACTOR IN THE BRIALLIANT RECORD OF INTERNATIONAL
ECONOMIC COOPERATION IN THE FIRST TWO DECADES FOLLOWING WORLD
WAR II. THIS EFFORT WILL REQUIRE THE FULL USE OF ALL THE EMBASSY' S
RESOURCES. WE MUST SUPPORT AND ANALYZE FRENCH POLICIES ON
TRADE AND MONETARY QUESTIONS AND WE MUST EXPLAIN AND SEEK
SUPPORT FOR U. S. POLICIES FROM THE FRENCH GOVERNMENT AND
PUBLIC. IN OTHER WORDS, WE MUST MAINTAIN A SUSTAINED DIALOGUE
WITH THE FRENCH NATION. WHILE THE DIFFERENCES BETWEEN US
SOMETIMES SEEM GREAT, I AM PERSONALLY OPTIMISTIC THAT THEY
WILL BE OVERCOME IN THE END, FOR I BELIEVE THAT THE THINGS THAT
UNITE US - A COMMON POLITICAL HERITAGE AND CULTURAL TRADITION,
A COMMON CONCERN FOR THE SECURITY OF THE ATLANTIC COMMUNITY,
AND AN ALOMOST EXTRICABLE INTER- INDEPENDENCE OF ECONOMIC
INTERESTS - ARE INFINITELY MORE IMPORTANT THAN THE THINGS
THAT DIVIDE US.
14. I HAVE LEFT TO THE LAST WHAT IN MANY WAYS IS THE MOST
IMPORTANT UNITED STATES ECONOMIC INTEREST IN FRANCE, THE
PROMOTION OF U. S. EXPORTS OF GOODS AND SERVICES. EXPORT
PROMOTION IS AN ACTIVITY TO WHICH THE UNITED STATES GOVERNMENT
HAS ASSIGNED THE VERY HIGHEST PRIORITY. THE TASK IS A
PARTICULARLY CHALLENGING ONE HERE IN FRANCE, THE FIFTH LARGEST
MARKET FOR AMERICAN GOODS, BECAUSE, WHILE OUR EXPORTS TO
FRANCE HAVE BEEN RISING YEAR AFTER YEAR IN ABSOLUTE TERMS,
OUR SHARE OF THE FRENCH MARKET HAS BEN SLOWLY DECLINING.
CONSEQUENTLY, I EXPECT TO DEVOTE A LARGE PART OF MY TIME AND
ENERGY TO EXPORT PROMOTION. I VIEW THE AMERICAN BUSINESS
COMMUNITY AS A DIRECT PARTNER IN THE JOB OF SELLING AMERICAN
GOODS IN FRANCE, AND I WANT TO ASSURE YOU THAT IT WILL CONTINUE
TO HAVE THE FULL SUPPORT OF THIS EMBASSY. FOR EXAMPLE, I
INTEND TO MAINTAIN THE TRADITION OF REGULAR INFORMAL MEETINGS
WITH REPRESENTATIVES OF THE BUSINESS COMMUNITY, AT WHICH MY
STAFF AND I SHALL TRY TO KEEP YOU POSTED ON CURRENT U. S. POLICIES
AND TO SEEK YOUR ADVICE ON CURRENT DEVELOPMENTS IN FRANCE
AND EUROPE. IN ADDITION TO THESE PERIODIC MEETINGS, I INTEND
TO CONTINUE MY PREDECESSOR' S OPEN-
DOOR POLICY TOWARD THE
AMERICAN COMMUNITY. SO THAT YOU CAN FEEL FREE TO CALL ON MY
STAFF AT ANY TIME TO DISCUSS PARTICULAR PROBLEMS. IN A SENSE,
ALL OF YOU ARE AMBASSADORS, FOR ALL OF YOU ARE CALLED ON FROM
TIME TO TIME BY YOUR FRENCH FRIENDS TO EXPLAIN OR INTERPRET
AMERICAN POLCIES WHICH THEY FIND PUZZLING OR EVEN UNFRIENDLY.
I HOPE THAT THRE FRANK OPEN EXCHANGES WITH THE EMBASSY WILL HELP YOU CARRY OUT YOUR AMBASSADORIAL ROLE.
15. AND, NOW IT REMAINS ONLY FOR ME TO THANK YOU FOR YOUR
GOOD WISHES AS I EMBARK ON THIS DIFFICULT AND CHALLENGING NEW
ASSIGNMENT. IT IS REASSURING TO KNOW THAT YOUR COLLECTIVE
WISDOM AND EXPERIENCE WILL BE AVAILABLE TO ME, AND I EXPECT
TO CALL ON YOU OFTEN FOR COUNSEL AND GUIDANCE.
KUBISCH
Source: https://www.wikileaks.org/plusd/cables/1973PARIS06020_b.html
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