U.S.A.: HOPES OF BREAKTHROUGH ON WORLD MONETARY REFORM FOLLOWING FINANCE MINISTER MEETING.

Record ID: 648702

  • Title: U.S.A.: HOPES OF BREAKTHROUGH ON WORLD MONETARY REFORM FOLLOWING FINANCE MINISTER MEETING.
  • Date: 31st July 1973
  • Summary: 1. GV SV & CY Exterior International Monetary Fund Building 0.10 2. GVs Interior Delegates seated (3 shots) 0.24 3. CU and SV Mr. Aichi and sign. 0.30 4. MV Mr. Aichi taking to Mr. Barbar. 0.35 5. MV Chairman seated 0.40 6. MV Mr. Shultz 0.46 7. MV Secretary and Mr. Schweitzer 0.51 8. GV Pan Delegates seated. 0.56 Initials AE/22.06 AE/22.19 Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 15th August 1973 13:00
  • Keywords:
  • Location: WASHINGTON, U.S.A.
  • City:
  • Country: USA
  • Reuters ID: LVAAIGC71WUM11U7E028LTM7P9CB
  • Story Text: World Finance Ministers meeting in washington for two days starting yesterday (Monday, July 30) are optimistic that they can thresh out a new system of monetary reform.

    After the first session of the Committee of 20 -- ministers representing all member countries of the International Monterary Fund -- West Germany Finance Minister Helmut Schmidt reported a changed mood on reform. He declared that all major questions should be solved in less than six months.

    He even felt that the present monetary system, which has led to a series of recent financial crises, could be replaced by 1974.

    The first session was notable for a measure of agreement between United States and French representatives. U.S. Treasury Secretary George Schultz welcomed a suggestion from French Finance Minister Valery Giscard d'Estaing that countries accumulating excessive official reserves should be fined by the International Monetary Fund. This accords with American proposals that sanctions should be enforced against countries running heavy payments surpluses.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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