President Nixon of the United States, at a News Conference in Washington on Saturday, called the new monetary agreement of the "Group of Ten" richest non-Communist nations "the most significant financial agreement in the history of the world".
SV Nixon being joined by Finance Ministers on rostrum and beginning speech (SOUND ON FILM)
TRANSCRIPT: SEQ. 1: NIXON: "Ladies and gentlemen it is my very great privilege to announce on behalf of the Finance Ministers and the other representatives of the ten countries involved, the conclusion of the most significant monetary agreement in the history of the world. I know that may see to be an over-statement, but, when we compare this agreement with, say, Bretton Woods, which of course was the last very significant agreement of this kind, we can see how enormous this achievement has been. Bretton Woods came at a time when the United States, immediately after World War Two, was predominant in the economic affairs of the world. The decision of the United States was perhaps the most important one to be made at that time. Now we have a new world, fortunately a much better world economically, where instead of just one economic nation, the nations of Europe, Japan and Asia, Canada and of North America, all of these nations are strong economically, strong competitors, and as a result it was necessary in these meetings for a negotiators, and as a result it was necessary in these meetings for a negotiations to take place between equally strong nations, in so far as their currencies were concerned. And the fact that these gentlemen over the period of a few weeks, finally culminating in the last two days, have reached agreement one the -realignment of exchange rates, is indeed the most significant event that has occurred in world financial history."
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Background: President Nixon of the United States, at a News Conference in Washington on Saturday, called the new monetary agreement of the "Group of Ten" richest non-Communist nations "the most significant financial agreement in the history of the world".
The agreement was reached after talks involving the group's financial Ministers at the Smithsonian Institute in Washington.
President Nixon also compared the new agreement with that reached at Bretton Woods after the second world war.