Below is an excerpt from the Statement released by the G7 Finance Ministers and Central Bankers in Florida...Febuary 2004....
Quote:
The global economic recovery has strengthened significantly since our meeting in Dubai and risks have diminished. Growth projections for 2004 have been revised upward to their highest in three years. Fiscal and monetary policies have helped bring about these welcome changes.
Yet much more remains to be done. The pace of growth among our economies remains uneven. In our Agenda for Growth initiative, we emphasize supply-side structural policies that increase flexibility and raise productivity growth and employment. Today we released a progress report on our Agenda for Growth. This agenda and sound fiscal policies over the medium term are key to addressing global current account imbalances. We outlined strategies for sustained medium-term fiscal consolidation as economies recover. International trade is vital; we call for further efforts and for countries to take the steps to resume the Doha round, which is pivotal to global growth and the alleviation of world poverty.
We reaffirm 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 this context, we emphasize that more flexibility in exchange rates is desirable for major countries or economic areas that lack such flexibility to promote smooth and widespread adjustments in the international financial system, based on market mechanisms.
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Global Monetary Policy within the framework of the Agenda for Growth intiative will determine the Core Fundamental factors affecting Global Monetary/Economic Policy...
the G7 defines and directs Global Monetary Policy.
the Ebb and Flow of Global Exchange Rates are G7 Monetary Policy...the Real Fundamentals.
And Congratulations to President Bush and Senator Kerry for stirring and inspiring a Historic Election Vote in American Political History...and for fulfilling the Principles of a Democratic Society....
...the Vote and Will of a Free Peoples.