Foreign exchange imbalance requires cooperation

Foreign exchange imbalances need to be addressed by international co-operation, according to French finance minister Christine Lagarde.

Ms Lagarde told a conference in Paris that the worldwide economic crisis was caused in part by a lack of international financial support, the Dow Jones Newswire reported.

The finance minister said: "In the coming years we need to find solutions to sort out these imbalances … first of all balance of payment imbalances and then foreign-exchange ones, to which we haven't yet proposed remedies that are acceptable to everyone."

Ms Lagarde also called for a greater equality in international financial discussion.

High on her list was a better representation of African countries and the inclusion of large financial centers, such as Singapore and Switzerland in debates.

France is deemed to be one of the earliest countries to exit the recession as its economy grew by 0.3 per cent in the second quarter of 2009.

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Posted by Sarah Pitton