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Henry Paulson Reaffirms Strong Dollar Policy

Reuters
Monday, 30 Jun 2008 | 5:37 AM ET

U.S. Treasury Secretary Henry Paulson said on Monday he believes in a strong U.S. dollar and that U.S officials were working to resolve the country's economic problems, including regulatory mistakes that led to excesses in the mortgage and banking sectors.

"I would agree that a strong dollar is a good thing and I believe it is in our nation's interest," Paulson said in a taped radio interview with Ekho Moskvy radio station.

"Every economy is going to have some ups and downs and we are going through a tough period in the United States right now," Paulson said.

No quick fixes exist for the problems caused by the high global oil price but markets and consumers will adapt, Paulson also said.

"I do not think there are short-term answers to the issue of oil prices but the markets will adapt to this situation," Paulson said, speaking through an interpreter in the interview with the Ekho Moskvy radio station.

He also said he expected opposition in the U.S. Congress to Russia's bid to join the World Trade Organisation.