[Jacques Delors]' statement to the European Parliament has been blamed for helping to precipitate a fall in the dollar's value on world currency exchanges. Delors told the Parliament that "the Americans are ready to come down to 1.60 (West German) marks to the dollar."
Speaking Thursday on Radio Monte Carlo, Delors said his remarks had been exaggerated and taken out of context. But he did not succeed in making it clear just how. Delors said he believed that a rate of 1.80 marks to the dollar-the level set in the Louvre Accords-was "acceptable and tolerable."
European governments insisted that they did not share the views of Delors about American policy toward the fall of the dollar. In Bonn, Karlheinz von den Driesch, spokesman for the West German Finance Ministry, said that Delors had "painted a completely false picture of the cooperation of finance ministers and central bank governors of the big industrial nations."