15 February 2009

G7 calls for urgent reforms of international financial system

G7 finance ministers agreed to prepare a progress report on developing an agreed set of common principles and standards on propriety, integrity and transparency of international economic and financial activity by June 2009.

G7 finance ministers and central bank governors agreed to avoid protectionist measures and reaffirmed their commitment to act together using the full range of policy tools to support growth and employment and strengthen the financial sector. On currency markets, the financial leaders said in the statement that ''excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability''

 

''The stabilization of the global economy and financial markets remains our highest priority,'' the G-7 financial chiefs said in a joint statement. “This crisis has highlighted fundamental weaknesses in the international financial system and that urgent reforms are needed.”

 

Increased collaboration between the IMF and the expanding FSF will be particularly important to develop a timely and reliable assessment of macro-financial risks, the statement says.

 

G7 finance ministers also agreed to prepare a progress report on developing an agreed set of common principles and standards on propriety, integrity and transparency of international economic and financial activity by June 2009.

 

Summit Statement

 

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