Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

G-7 warns of disorderly exchange rate moves

[February 12, 2013]  BRUSSELS (AP) -- The Group of Seven leading industrial nations, which includes the U.S., Japan and Germany, are warning that volatile movements in exchange rates can adversely hit the global economy.

In a statement published Tuesday on the Bank of England website, the G-7 says "excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability."

They also say they will "continue to consult closely on exchange markets and cooperate as appropriate" and insist that their respective economic policies are "oriented" towards meeting domestic objectives and not towards setting specific exchange rates.

The G7 statement comes ahead of a meeting in Moscow at the weekend of finance ministers from the 20 industrial and developing countries, where the state of the world economy will be discussed.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.