Treasury Secretary Paul O'Neill
is trying to put to rest fears that the Bush administration may be moving away from a strong dollar policy.
O'Neill, who is attending the meeting of the
Group of Seven
industrialized nations in Palermo, Italy, caused some concern about the U.S. stance on the greenback after he made remarks to a German newspaper that were interpreted as a shift away from the strong dollar.
Today he dismissed the idea that a policy shift was quietly underway, adding that any change would be announced openly.
On Friday, a German newspaper quoted O'Neill as saying "we are not pursuing, as is often said, a policy of a strong dollar. In my opinion a strong dollar is the result of a strong economy. But I haven't found anyone yet who did not want to have a high growth rate, low inflation and low unemployment. When these three things come together, it gets reflected in the exchange rate."