	treasury s baker says he stands by paris pact treasury secretary james baker said he stood by the paris agreement among leading industrial nations to foster exchange rate stability around current levels i would refer you to the paris agreement which was a recognition the currencies were within ranges broadly consistent with economic fundamentals baker told the cable news network in an interview we were quite satisfied with the agreement in paris otherwise we would not have been a party too it he said baker also noted the nations agreed in the accord to co operate to foster greater exchange rate stability around those levels he refused to comment directly on the current yen dollar rate but said flatly that foreign exchange markets recently tended to draw unwarranted inferences from what i say baker was quoted on british television over the weekend as saying he has no target for the u s currency a statement that triggered this week s renewed decline of the dollar i think the paris agreement represents evidence that international economic policy co ordination is alive and well baker said the treasury secretary stressed however it was very important for the main surplus countries to grow as fast as they could consistent with low inflation to resolve trade imbalances he added that federal reserve board chairman paul volcker has also been very outspoken in suggesting main trading partners grow as fast as they can reuter 
