- Title: USA: U.S. JOIN GLOBAL EFFORT TO PROP UP EUROPE'S SAGGING CURRENCY.
- Date: 23rd September 2000
- Summary: WASHINTON, D.C., UNITED STATES (SEPTEMBER 22, 2000) (REUTERS) 1. GV/ZOOM/CU/GV: TREASURY SECRETARY LAWRENCE SUMMERS SPEAKING TO REPORTERS AT BRIEFING/ JOURNALISTS LISTENING (2 SHOTS) 0.19 2. CU: (SOUNDBITE) (English) SUMMERS SAYING "At the initiative of the European Central Bank, the monetary authorities of the United States and Japan joined with the European Central Bank in concerted intervention in exchange markets because of their shared concern about the potential implications of recent movements in the euro for the world economy. The British and Canadian authorities also took part in this operation, purchasing euros with their currencies. Our policy on the dollar is unchanged. As I have said many times, a strong dollar is in the national interest of the United States." 1.17 3. MV/GV: JOURNALISTS LISTENING AT NEWS CONFERENCE (2 SHOTS) 1.23 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 8th October 2000 13:00
- Keywords:
- Location: WASHINGTON, D.C., UNITED STATES
- City:
- Country: USA
- Reuters ID: LVA55UOUUNP6QNU3OAHYWILI4GED
- Story Text: The United States has taken world markets by surprise
by joining the first-ever global effort to prop up Europe's
sagging currency, but insisted its own preference for a strong
dollar had not changed a bit.
"Our policy on the dollar is unchanged," U.S. Treasury
Secretary Lawrence Summers said on Friday (September 22) at a
news conference only hours after the coordinated intervention
among industrial countries, in which they sold their
currencies to buy the euro and boost its value.
"As I have said many times, a strong dollar is in the
national interest of the United States," he said, repeating a
mantra made famous by his predecessor Robert Rubin and
repeated many times by Summers himself -- until more recently,
when the stock phrase had been dropped from his currency
vocabulary.
Coming on the eve of a meeting of top finance officials
from the Group of Seven major nations in Prague and just weeks
ahead of a U.S. presidential election, the move took markets
by surprise -- a wholly desired effect -- and managed to
briefly boost the euro by some five percent against the
dollar.
Summers, who has long been reluctant to join any effort to
help the euro, declined to comment on the move's
effectiveness.
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