	stoltenberg says paris accord policy to continue west german finance minister gerhard stoltenberg said the currency agreement reached in paris in february had been successful and would be continued stoltenberg told journalists before he attends next week s international monetary fund meeting in washington that the strategy to stabilise currencies around current levels has proven its worth and will also determine future developments stoltenberg declined to comment specifically on what he would consider to be an undervalued dollar but said a dollar around marks created problems for west germany s exports stoltenberg said studies by international organisations had made it clear that especially in the u s and in japan major efforts remained necessary to support adjustments in foreign trade balances via necessary corrections to economic policy no one would benefit if after years of over valuation the u s dollar fell into the other extreme that is strong under valuation he said stoltenberg said west germany had a keen interest in a swift agreement between the u s and japan concerning the current trade dispute over semi conductors asked whether he believed the markets would test the paris currency accord stoltenberg did not comment specifically but noted that much of what had been discussed in paris had not been published the paris declaration did not state the levels at which central banks of the major industrialised countries would intervene stoltenberg said that everything had been carefully considered he said he had nothing further to add stoltenberg also appeared to suggest that west germany was now no longer under any pressure from the u s government to stimulate its economy he declined to respond specifically to a question on this subject but said you must attach particular importance to the consensus which was reached in paris the minister nevertheless added that he would make clear during his trip to washington that west germany s nominal trade figures gave a false impression about actual trade flows stoltenberg noted that in bonn s exports fell by a nominal two pct while its nominal imports fell by pct west germany s imports dropped largely because of foreign currency developments and the cheaper price of oil and led to a record trade surplus last year however stoltenberg said that in real terms west germany s exports by volume had increased by pct while real imports had risen by a much stronger pct in this way west germany had made its contribution to economic stability stoltenberg added stoltenberg noted the government expected imports to rise by a real four to five pct in with exports stagnating he said it was too early to revise official forecasts for west germany s economic growth this year the government has forecast an unchanged pct rise in gross national product the kiel institute a leading research body is still expecting growth of three pct but some other research institutes have revised forecasts down to below two pct stoltenberg said the wide range of predictions showed how many imponderables had to be taken into account and said no drastic changes in official forecasts were needed reuter 
