G-7 agrees to avoid manipulating currencies

TOKYO, May 21 (KUNA) — Finance chiefs from the Group of Seven (G-7) leading economies shared the view on Saturday that excess volatility in foreign exchange markets adversely affects the global economy and reaffirmed the importance of avoiding competitive devaluation of currencies.
The G-7 finance ministers and central bank governors also agreed on the need of implementing fiscal, monetary, and structural reform policies to sustain the world economy amid increasing concern over a slowdown, Japanese Finance Minister Taro Aso told a press conference after a two-day meeting in the northeastern city of Sendai.
But the G-7 financial leaders failed to gain support for fiscal spending from Germany and Britain. “Some countries are not allowed to deploy fiscal stimulus under law even though they have funds. But all member states understand that fiscal policy is an important measure to boost demand,” said Aso, who chaired the meeting.
The G-7 finance leaders also pledged to take a lead in enhancing measures against tax evasion, following the leak of massive documents, known as the Panama Papers, on tax havens, according to Aso.
The G-7 adopted an action plan to combat terrorist financing, calling for measures including enhanced information sharing and reinforced monitoring of cross-border money flows.
“The G-7 reasserts its commitment to countering terrorist financing, which provides the means for terrorists to perpetrate attacks, sustain networks and spread their ideology through propaganda,” the plan said.
The G-7 groups major industrialized countries of Canada, France, Germany, Italy, Japan, Britain and the US. The finance meeting was held ahead of the Ise-Shima summit of the G-7 nations on May 26-27. (end) mk.mt

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