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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

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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."