Following is the final communiqué at the meeting of the Group of Seven Finance Ministers :
The Finance Ministers and Central Bank Governors of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States met on January 20 and 21, 1991, in New York City for an exchange of views on current international economic and financial issues. The Managing Director of the IMF participated in the multilateral surveillance discussions.
The Ministers and Governors reviewed their economic policies and prospects and reaffirmed their support for economic policy coordination at this critical time.
They noted that although growth in all their economies had slowed, expansion of the world economy continues, and the pace of activity could be expected to pick up later this year.
They noted growth remains particularly strong in Germany and Japan. Implementation of sound fiscal policies, combined with stability oriented monetary policies, should create conditions favorable to lower global interest rates and a stronger world economy. They also stressed the importance of a timely and successful conclusion of the Uruguay Round.
The Ministers and Governors also discussed the situation in global financial markets in light of uncertainties arising from the Gulf War and developments in the Soviet Union. They agreed to strengthen cooperation and to monitor developments in exchange markets.
The Ministers and Governors are prepared to respond as appropriate to maintain stability in international financial markets.
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