Summary

TAPE_NUMBER: EF00/1065 IN_TIME: 18:47:25 // 19:13:08 LENGTH: 02:00 SOURCES: APTN RESTRICTIONS: FEED: VARIOUS (THE ABOVE TIME-CODE IS TIME-OF-DAY) SCRIPT: English/Nat XFA The United States joined its major allies on Friday in a coordinated effort to prop up the troubled euro The U-S move was prompted by concern that the slump of the new 11-nation European currency could threaten the world economy U-S Treasury Secretary Larry Summers announced on Friday that the U-S had taken part in a coordinated effort to use the dollar and other currencies to buy euros He made the announcement in a pre-G7 news conference, but did not provide exact details of the extent and timing of the intervention SOUNDBITE: (English) At the initiative of the European Central Bank, the monetary authorities of the United States and Japan joined with the European Central Bank in concerted intervention in exchange markets because of their shared concern about the potential implications of recent movements in the euro for the world economy The British and Canadian authorities also took part in this operation, purchasing euros with their currencies SUPER CAPTION: Larry Summers, US Treasury Secretary It was the first concerted intervention backing the euro since its launch in January 1999, and the first time in two years that the U-S Treasury had sold dollars to prop up a foreign currency The last time was in 1998 in its efforts to rescue the tumbling Japanese yen in the wake of the Asian financial crisis But as far as the U-S dollar is concerned, Summers reiterated that the U-S policy of no intervention would remain unchanged The United States is in a difficult position in that a strong dollar has been a major factor keeping inflation low there because it lowers the price of foreign goods imported into the United States, which have been hitting record levels of late The intervention was announced the day the G-7 summit in Prague which will host meetings among finance ministers and central bank presidents of the world's seven wealthiest countries - the United States, Japan, Germany, France, Britain, Italy and Canada Summers said he expects the G-7 finance ministers will discuss energy market issues this weekend but he wouldn't go into details Crude oil prices have been surging and have reached record levels recently SOUNDBITE: (English) Many are predicting that this year we will see the most rapid global growth in a long time, continuing good outlook for next year Recent developments in oil markets are obviously a concern for consumers and businesses and around the world I expect that energy market issues will be among those discussed in Prague this weekend More stable prices, in line with historic norms, are in the mutual interest of both oil producers and consumers SUPER CAPTION: Larry Summers, US Treasury Secretary And he refused to be drawn on the issue of oil prices and what he believed the ideal price of a barrel of oil to be for consumers and producing nations SHOTLIST: Washington, DC, USA - 22 September 1 Wide of press conference and Summers approaches podium 2 Cutaway cameraman 3 SOUNDBITE: (English) Larry Summers, US Treasury Secretary 4 Cutaway 5 Wide of Summers at podium 6 SOUNDBITE: (English) Larry Summers, US Treasury Secretary 7 Cutaway to audience 8 Wide shot of press conference, zoom in to Summers?