By Gabrielle Parussini
Dow Jones Newswires
Wednesday, August 26, 2009
PARIS — French President Nicolas Sarkozy said Wednesday that the dollar can’t remain the world’s only reserve currency, as the rise of emerging powers such as China and Russia challenge the U.S.’s prominence.
“The political and economic reality of a multipolar world will have to find sooner or later a translation on the monetary level,” Sarkozy told foreign ambassadors, gathered for a yearly reception at the Elysee Palace. “A multipolar world can’t count upon one currency only.”
Sarkozy also said that he won’t allow the euro to be the only currency to bear the weight of foreign exchange market adjustments as has happened in the past.