G20 Presidency: Sarkozy stressed the need to tackle the instability of the world commodities market
25 January 2011
French President, Nicolas Sarkozy, also restated France's support for a financial transaction tax, which has been backed by Germany but opposed by the United States.
He added that it was a "moral" issue" and that it would be "useful for dissuading speculation and effective for finding new resources for development."
The President carefully backed off from previous calls for a change to the Bretton-Woods system of global monetary order, which heavily relies on the US dollar.
"The dollar will remain an absolutely dominant currency," Sarkozy said.
© G-20
