Interview with Mr Christian Noyer, Governor of the Bank of France, in Le Figaro, Paris, conducted by Ms Isabelle Chaperon, Ms Bertille Bayart and Mr Jean-Pierre Robin and published on 11 November 2010.

Le Figaro – Nonetheless, the dollar is sliding and we seem to be moving away from the close cooperation seen between central banks during the crisis...

Christian Noyer –

First, everything does not come down to the dollar. For example, there are emerging countries that, by not being sufficiently flexible in their exchange rate policy, have monetary policies that are inappropriate and create risks to inflation and growth.

Moreover, while each central bank is pursuing a policy appropriate to its country’s situation, nobody wants to move away from the goal of consistency.

We are all committed to ensure a framework for balanced growth, and that commitment remains just as strong.

As reiterated at the last meeting of G20 finance ministers and central bank Governors, no one should or can manipulate their currency.

If you want to read the interview, follow the link

http://www.bis.org/review/r101122a.pdf