National Press Club

French candidate Le Pen: World economic system needs reform

November 6, 2011 | By Keith M. Hill | KHill@bna.com

Without major reforms, the world's economies will plunge into at least a decade of instability, French presidential candidate Marine Le Pen said Wednesday at a National Press Club Newsmaker.

The world's largest economies, particular the Euro Zone, are “completely out of control,” Le Pen said.

Le Pen said those economies should adopt a shared body of rules that would manage global financial markets, including establishment of a "poly-metallic standard" that would eliminate currency speculation. Countries should also legally separate deposit banks and investment banks by adopting laws similar to the United States' Glass-Steagall Act.

Le Pen, who opposes free trade, said if all countries accepted the Havana Charter, it would resulted in “a reasonable protectionism" that would encourage trade and result in full employment.

Le Pen called the G20 Summit in Cannes, France "useless for the time being."

Le Pen is a member of the European Parliament and chairwoman of the National Front Party in France. Her father, Jean-Marie Le Pen, was a former president of the party.