We, the G7 Ministers and Governors, reaffirm our longstanding commitment to market determined exchange rates and to consult closely in regard to actions in foreign exchange markets. We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates. We are agreed that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will continue to consult closely on exchange markets and cooperate as appropriate.
Notes for editors
The Group of Seven (G7) is an informal forum of countries representing around half of global economic output. It has met regularly since 1976 to discuss key issues related to global economic stability. The G7 comprises Finance Ministers and Central Bank Governors of 7 countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America. Representatives of the European Union, including the EU Presidency and the European Central Bank, as well as heads of international financial institutions also regularly attend.
The UK holds the rotating Presidency of the G7 throughout 2013.
As set out in PN 114/2 of 29 November 2012, the Chancellor of the Exchequer and Governor of the Bank of England will co-chair a meeting of G7 Finance Ministers and Central Bank Governors on Friday 10 and Saturday 11 May 2013.