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G-7 pledges to calm unruly currency market
WASHINGTON, Sept 20 Rich Industrial nations tried to soothe rattled currency mar kets on Saturday by temporar tly putting aside their dlffei ences over how to spur lagging global economic growth, re ports Reuter
In a terse communique, economic policymakers from the Group of Seven Industrial nations presented united front and pledged to work to gether to calm unruly currency markets
But they gave little Indies tion of how they would ac compltsh that or whether they had any contingency plans to step tn If the crisis continues on Monday.
The 0-7 agreed on the Importance of restoring stability in exchange markets in Eu rope. US Treasury Secretary Nicholas Brady told reporters following the 7-1/2 hour meeting.
The currency crisis has left the European Monetary Sys tern in shares, rocked the British and Italian governments and raised fresh doubts about Europe’s drive for political and economic unity.
In the run-up to the meeting. Britain and Germany engaged in a public mud slinging contest over who was to blame for the turmoil. Britain pointed the finger at Germany's high interest rates, an accusation that Bonn vehemently rejected.
But to listen to the participants, Saturday's meeting was devoid of such rancour u 0-7 policymakers sought to cool their hot rhetoric. It was calm and quiet. Brady said. There wasn't a lot of finger pointing.
The calm facade was clearly calculated to soothe markets
since sharp divisions among the G-7 — Britain. Cinsd*. France. Italy. Japan, and the United States remain bubbling Just under the surfece
The United Stales has been arguing for more than a year that sky high interest rates In Germany are sabotaging growth throughout Europe and must be brought down
But the independent Bun desbank has resisted, fearful that a loosening of the mone tary retns would spur on inQa tion already it wasn t until this week that Germany lowered interest rates — for the first time in five years — but the paltry size of the quarter per centage point cut failed to sat
la^ the United Slates. Britain or the financial markets themselves
Tradeus said the currency markets could face new strains on Monday If French voters reject the Maastricht Treaty on European political, economic and monetary union.
Speculators, fresh fronf their successful assaults on the British pound and Italian lira, could set their sights on the French franc If the treaty were to go down io defeat.
Both Britain and Italy effcc lively pulled their currencies from Europe s grid of semi fixed foreign exchange, rates this past week. Italy has said II plans to return on Tuesday, but
Britain has set lough conditions for re-entry, including changes in Germany's economic policies.
European Community Finance Ministers, here for the annual meeting of the International Monetary Fund and World Bank have already agreed to meet Sunday to plot strategy should the Maastricht Treaty be turned down and currency turmoil ensures.
President Bush, hoping to capitalise politically on a crisis that has rocked Europe but left the United States largely unscathed. has invited the IMF's policy-making interim committee to the White House for a chat on global growth
US officials said they expect Bush, who is locked In a tough race for re-election, or stress the crucial need for faster growth as a cure to what alls the currency markets
Bush s strategists hope that a revival In Europes economy will translate Into more jobs in the United States as demand for American exports — which had been one of the country's few economic bright spots until recently — Increases.
The currency turmoil pushed other Issues far into the background
Russian officials briefly attended the G-7 meeting for a discussion on their countries economic needs but won no clear-cut promise for new financial help as rich nations seemed preoccupied .with dealing with their won problems.
Thatcher’s reaction
AFP adds:* Britain has resumed control of its own destiny with the decision to tern porarity take the pound out of the European Monetary System (EMS), former Prime Minister Margaret Thatcher said In Washington Saturday
"We had blundered Into monetary instability. Thatcher told an economic conference organised by the cable television channel CNN.
This week the United Kingdom resumed control of Ils destiny.
The former conservative Premier congratulated her conservative successor John Major and Chancellor of the Exchequer Norman Lamont on their decision io take the pound temporarily out of the exchange rate mechanism of
the EMS. which Thatcher described as an economic strait Jacket
The rigid exchange rates which the ERM Imposed had obstructed business and economic growth, making Imports artificially cheap and exports artificially expensive, she added
The pound plunged sharply In value after quitting the system. in which other currencies were put under strain by the rise in the German mark. Its strongest element.
Britain entered ERM while Thatcher was still premier, but she repeatedly criticised plans for greater European political and economic union, saying they undermined the national sovereignty of European Community member states
Currency crisis hurts poor
AP adds: Third World gov ernments complained on Saturday that turmoil on world markets and high‘European Interest rates are slowing their growth and even preventing them from telling now much they are growing.
TYs affecting the evaluation of our assets, our earnings and our terms of trade." Syria's economy minister, Mohamad Imady, told reporters.
I Ie added that it also affects tlx budgets of wealthier countries and the availability of aid.
Abubakar chaired a group of 24 Third World countries al the loint meetings of the World Bank and International Monetary Fund, They repre sent more than 100 other countries in what the bank calls low-income and medium Income groups, which are also attendlrig