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Exchange rates not central to G20 summit - source

Published 11/13/2008, 02:52 PM
Updated 11/13/2008, 02:54 PM

PARIS, Nov 13 (Reuters) - Global currencies will not be a major issue at the forthcoming meeting of G20 leaders and will not figure in the final statement, a French presidential official said on Thursday, declining to be named.

French President Nicolas Sarkozy said earlier he would discuss the dollar's role as the world's main international currency at the G20 gathering in Washington on Nov. 14-15.

A French official said Sarkozy would tell other leaders that the dollar should not be the linchpin of the world's financial system, but added that the question would not be a core element of discussions.

"Frankly, the subject of currencies and exchange rates will not be at the heart of the first summit," added the official, who has helped prepare the meeting.

"The president will talk about it. He believes the planet cannot revolve around one reserve currency ... but I am not going to say that you will find in the final statement a paragraph on global exchange rates," he added.

France expects that there will be at least one more summit of world leaders next year to discuss ways of preventing another financial crisis.

The crisis has provoked a debate on the international financial system including the role of the dollar, and several countries are keen to broaden the reserve base. (Reporting by Crispian Balmer; Editing by James Dalgleish)

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