Monetary policy can lock out inflation despite dollar''s fall, Fed official says

Section:

From Reuters
Wednesday, January 19, 2005

http://www.reuters.com/financeQuoteCompanyNewsArticle.jhtml?
duid=mtfh90905_2005-01-19_19-27-59_n19372172_newsml

PARIS -- French Finance Minister Herve Gaymard said
on Wednesday he hoped the United States would agree
at a G7 meeting in London next month that the slide in
the U.S. dollar must not continue.

"I'm counting a lot on the G7 meeting to be held in
London in early February that our American friends
realise the necessity to react because this slide of the
dollar must not continue," he told LCI television.

He said the European Central Bank (ECB) could not
cushion the blow of changes on currency markets by
itself "because we're in a global game with three areas
-- Europe, the United States, and Asia."

Gaymard also said that Paris would cut taxes in the
next two years "no matter what happens" and would
reduce unnecessary spending to help deal with the
cost.

"Whatever happens, we will lower taxes and charges,"
he said. "To do this, we will reduce unnecessary public
expenses.

"I want to propose to the prime minister that we have
a strategy until 2007 on taxes and charges," he said.

During his re-election campaign in 2002, President
Jacques Chirac promised a 30 percent tax cut during
this five-year term, but the cuts were suspended
because France's public deficit repeatedly broke
through the euro zone's 3 percent ceiling.

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