26 April 2009

G7 reaffirmed need for reforms

G7 members discussed the regulatory reforms undertaken in each country and at the international level and reconfirmed to implement swiftly the commitments made in London. 

In particular they underlined the following seven points as:

Ø       strengthening our national efforts to address systemic risks;

Ø       extending the perimeter of regulation to include all systemically important institutions, markets, and instruments;

Ø       ensuring sound regulation, adequate capitalization of financial institutions, and strengthened risk management practices;

Ø       enhancing transparency;

Ø       reinforcing international collaboration;

Ø       improving accounting standards on valuation and

Ø       provisioning; and bolstering market integrity

G7 members also welcomed China's continued commitment to move to a more flexible exchange rate, and confirmed their commitment to modernize the governance of the international financial institutions.

Recent data suggest that the pace of decline in our economies has slowed and some signs of stabilization are emerging, G7 Finance Ministers and Central Bankers noted in their statement following the meeting in Washington, also refraining from raising new barriers to investment or to trade in goods and services.

Full statement

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