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Statement of G7 Finance Ministers
and Central Bank Governors
April 24, 2009, Washington DC

See also Statement by U.S. Treasury Secretary Tim Geithner

Many countries are now playing a major role in the global economy and we welcome their contribution to the collective international effort to promote recovery. We welcome China's continued commitment to move to a more flexible exchange rate, which should lead to continued appreciation of the Renminbi in effective terms and help promote more balanced growth in China and in the world economy. We will work with our international partners to modernize the governance of the international financial institutions in order to enhance their relevance, effectiveness, and legitimacy.

We reaffirm our shared interest in a strong and stable international financial system. Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability. We continue to monitor exchange markets closely, and cooperate as appropriate.

We also discussed regulatory reform in our countries and at the international level and will implement swiftly the commitments made in London. We underscored the imperative of: strengthening our national efforts to address systemic risks; extending the perimeter of regulation to include all systemically important institutions, markets, and instruments; ensuring sound regulation, adequate capitalization of financial institutions, and strengthened risk management practices; enhancing transparency; reinforcing international collaboration; improving accounting standards on valuation and provisioning; and bolstering market integrity. In this latter regard, we urge the OECD, FSB, and FATF to intensify their work in conducting objective peer reviews of countries' efforts to strengthen international standards in taxation, prudential supervision, and AML/CFT, respectively, and to identify non-cooperative jurisdictions and develop a toolbox of effective countermeasures. We look forward to regular reports on progress on these issues. We welcomed the IMF and FSB's joint pilot early warning exercise. We also welcomed the expansion in the membership of the FSB and committed to strengthen its institutional underpinnings so that the FSB can play a more prominent role in promoting international financial stability.

Source: United States Treasury Department

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