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G7 communiqué
Tue, Oct 16 2007, 07:25 GMT
by Joseph Trevisani
In the something for everyone department the standard G7 communiqué on currencies is one of the best. We affirm that exchange rates should reflect economic fundamentals. Excess volatility and disorderly movements in exchange rates are undesirable for economic growth. We continue to monitor exchange markets closely and cooperate as appropriate. In emerging economics with large and growing current account surpluses, especially China, it is desirable that their effective exchange rates move so that necessary adjustments will occur. This is the communiqué as it related to foreign exchange from the last G7 meeting. It is worth quoting in its entirety. We will get a very close version of this on Friday. There is something here for all. Excessive volatility satisfies those Europeans who dislike a high Euro and Euro/Yen; Chinas mention pleases all manner of trade warriors; monitor and cooperate keeps the internationalists happy. Every finance minister and politician and can find in the text the appropriate phrase for reference during their news conferences back home, whatever the inclinations of the national audience.
Published on Tue, Oct 16 2007, 07:26 GMT
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