Istanbul G7: We Must Hang On to Measures To Combat Crisis Until Stable Growth Sets In
3/10/2009
The Economic G7's member countries remain committed to combating the global crisis without lowering their guard. At a meeting held in Istanbul on the sidelines of the annual assembly of the International Monetary Fund (IMF) and of the World Bank, the world's seven most industrially advanced countries voiced the opinion that it is necessary to maintain the measures put in place to counter the crisis "until economic recovery is assured". This, because despite the fact that there are some encouraging signals around, the "prospects of growth remain fragile and the state of the labour market is not improving yet".
The G7 countries will continue to undertake "all necessary action to lay the groundwork for strong, sustained and balanced growth". They also reiterated their support for the intervention guidelines agreed on at a Ministerial Meeting held in Lecce in June and known since then as the "Lecce Framework".
In the course of the meeting, stress was also laid on the excessive volatility of exchange rates among the world's leading currencies, any brusque changes in which might well have "a negative impact on the economy" and jeopardise the fragile recovery under way. That is why the G7 plans to continue to monitor these indicators, intervening and "cooperating wherever it may be necessary to do so".
