And it is same in all major currency areas

Can we now speak of a war in the foreign exchange

I don't like this term, which unnecessarily gives a sense of concern, while three years ago, the Governments of the Member countries of the g-20 are used to develop a spirit of cohesion and dialogue that helped restore confidence. We must maintain this goal.

How to contain the excessive volatility of foreign exchange at this time

It is not abnormal that countries experiencing strong growth attract capital. However, if the volatility is excessive and too abrupt movements, this creates risks for emerging economies: risk of bubble in asset prices, risk of too rapid adjustment of relative prices... Instruments used to combat these disadvantages: can be macro-prudential tools such as the taxation of financial transactions or reserve requirements as handling the fact China. If this is not sufficient then the only solution, it is this dialogue: to look for all concerted measures to restore global growth more balanced, by promoting domestic demand in some countries and the slowing in others. The answer is in international coordination.

How should we go with China, whose currency is almost unanimously denounced as being undervalued Only by concerted action

Yes. Let us be careful not to simplify things to the extreme. When we want to promote a strong, sustainable growth in the world, there is not only the exchange-rate regime with. Far from it. China insists on the fact that economic policies should be reoriented progressively to reduce the imbalances. The Chinese also took measures to enhance the share of domestic demand in their growth and the household savings rate rose significantly in the United States. It is in this direction is needed.

The G20 is not more legitimate than the G7 on Exchange problems

We are in a transition phase that is complex. And given the close link between the consultation on the economic policies followed by the g-20 members and their currencies, this question is legitimate. The g-20 is seized of many subjects, including that of financial safety nets put in place by the IMF. It is one of the facets of what French President Nicolas Sarkozy called the "reform of the international monetary system". Greeted with skepticism six months ago, this proposal has become topical. Should be addressed throughout the architecture of the international monetary system in which exchange rate regimes are one of the components. This task amounts to the g-20.

Some worry the overvaluation of the euro. Are they right

It is a simplistic vision. The euro is not only against other currencies. Other currencies of major industrialized countries and some major emerging countries, in Asia or Latin America, have similar developments.

There is therefore no danger in the default...

The evolution of the euro is an important factor that influences on the growth in the medium term but also, and more quickly, on inflation. The European Central Bank, since the original, took it into account in its analysis of risks to the stability of prices in the euro area. And it is same in all major currency areas.

Some criticize the Federal Reserve too expansionary monetary policy, in part, which feed the disorder of the currency. What do you think

The Federal Reserve is based on the evolution of the US economy. However, the economic situation and share across the Atlantic is different. In the United States, the rate of inflation is currently lower than in the euro area and some economists exclude any risk of deflation. So far, the Federal Reserve is certainly not committed to a policy of weakening of the dollar. There is an agreement in the G7 for the greatest possible stability on the foreign exchange market: exchange rates must reflect the fundamental situation of economies and avoid excessive volatility and disordered movements.

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