Thursday, May 19, 2005


Make the G8 relevant

Today's 'Times' suggests that a good start would be for the UK to invite China to join the grouping. "China would be asked to accept the responsibilities that go with full membership of the global monetary system, above all full co-operation in the management of a global system of floating exchange rates."

Secondly, the proposed agenda of the G8 economic forum is questioned. The article recommends reasonably that the priorities for the agenda of the G8 economic forum should include matters vital to the working of the global economy:

1. "the threat to jobs in America and Europe posed by Asian competition";
2. "the protectionist backlash that this Asian competition has triggered in the US and Europe";
3. "the link between protectionism and the misalignment of currencies, especially in Asia. . . [In]Tuesday’s US Treasury report on currency management, . . . the Bush Administration effectively presented the Chinese Government with a six-month ultimatum to revalue its exchange rate or face a trade war".,,1061-1617886,00.html
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