G7 & Central Bankers reaffirm "longstanding commitment to market determined exchange rates"Submitted by go213mph on Tue, 02/12/2013 - 17:04
OP NOTE: I HAD to post this under humor for the halarious joint statement from G7 finance ministers and central bank governors who have reaffirmed the "longstanding commitment to market determined exchange rates." The only "longstanding commitment" central bankers have with each other is simultaneously bending over and gang banging from behind the citizens of every nation state whose Government has been usrped by international banksters! ROFL!
The G7 group of leading developed countries have sought to allay fears of a currency war when they agreed to avoid targeting lower exchange rates to secure a competitive advantage.
Amid concerns that recent measures by Japan to reduce the value of the yen could escalate into tit-for-tat measures, the G7 said exchange rates should be set by market forces, not deliberately manipulated.
The joint statement from G7 finance ministers and central bank governors reaffirmed the "longstanding commitment to market determined exchange rates" and pledged to "consult closely in regard to actions in foreign exchange markets".
It added: "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."