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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (5937)	4/11/2002 7:16:13 AM
From: John Pitera	Respond to of 33421

Treasury Secretary Paul O'Neill told a leading French financial newspaper that the United States stood by its strong dollar policy, saying exporters would have to adapt to the level of the currency. "We are favourable to a strong dollar," O'Neill told the French financial daily Les Echos in an interview due to be published on Thursday. "We have not changed our policy. A strong dollar is desirable and very important for the American economy," he said, according to an advance copy of the interview. O'Neill is in Paris as part of a visit to Europe this week. Asked about complaints by U.S. firms that the strong dollar hampers their foreign sales, O'Neill said: "What I always reply to exporters who complain is that a good competitor is someone who knows how to adapt to circumstances and who succeeds." O'Neill also reiterated that he was not worried about the U.S. current account deficit, about which Federal Reserve Chairman Alan Greenspan has expressed concern in the past. The current account is the broadest measure of international trade, and the gap has ballooned in recent years as the world rushed to invest in the United States. "It's not a problem. Japan doesn't use it to decide how much it is going to lend to the United States, neither does France," said O'Neill. "People who talk about capital flows today often refer to things they learned fifty years ago. The world has changed. The notion of current accounts only makes sense in closed economies, in economies that are isolated from one another," he added. ----from the SSB newswire 3-11-02