Japan Suggests New Monetary System
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WASHINGTON — Japan’s Finance Minister Ryutaro Hashimoto proposed here Sunday an overhaul of the world monetary system to bring more order to volatile currency markets.
In an address to the interim committee meeting of the International Monetary Fund (IMF), Hashimoto said: “I wonder if it might not be possible, in a longer perspective, to explore a more stable monetary system that solidly substantiates spirit of cooperation.”
He suggested that major nations study the possibility of creating a new monetary system that will be based on currencies in the “triad” of the United States, Japan and the European Community (EC).
But the idea is likely to face opposition from some other countries from the Group of Seven (G-7), which comprises the United States, Japan, Germany, France, Britain, Italy and Canada.
Bundesbank board member Hans Tietmeyer said Sunday the Japanese idea had been discussed by G-7 deputies in Paris this month.
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