France and Russia yesterday called for a debate about the world�s reserve currencies saying the current system, which is dominated by the dollar, was out of date.

France and Russia yesterday called for a debate about the world's reserve currencies saying the current system, which is dominated by the dollar, was out of date.

However, Russia said at the moment there was no obvious replacement for the US greenback and the euro, while European Central Bank president Jean-Claude Trichet said it was important America remained committed to a strong currency.

Speaking at a conference in the city of Aix-en-Provence, Finance Minister Christine Lagarde and Bank of France Governor Christian Noyer called for increased global co-ordination of currencies.

"We must explore better co-ordination of exchange rate policy," Lagarde stated, while Noyer said at the same event "we really need to make sure there is a greater stability between the big currencies in the period to come".

Lagarde's comments may signal France accepts the emerging economies have the right to a bigger say in how the world economy is run. Questions need to be addressed about "the balance of currencies and the role of currencies in a world that has changed because of the crisis and the growing role of emerging countries," she said.

Leaders from the Group of Eight major industrial nations and the main developing economies will hold talks from July 8-10 in L'Aquila, Italy.

China has been pushing for a debate on reserve currencies at the meeting. Several senior officials recently questioned the dollar's supremacy in the global monetary system.

Several emerging market countries have said they want to reconsider the role of the dollar and to see a more diversified international monetary system.