G7 finance chiefs to consult more closely
Print Edition
GROUP of Seven finance leaders vowed yesterday to continue to consult closely on market moves and financial stability and cooperate as appropriate, after Britain voted to exit the European Union.
G7 finance chiefs said in a statement that they were monitoring market developments while recognizing that excess volatility and disorderly moves in exchange rates can harm economic and financial stability.
“We ... respect the intention expressed today by the people of the United Kingdom to exit from the European Union,” they said after a conference call held hours after the referendum.
They also said they affirmed the UK economy and financial sector remained resilient, and were confident British authorities were well positioned to address the consequences of the referendum.
G7 central banks have taken steps to ensure adequate liquidity and to support market functioning, and they stand ready to use the liquidity instruments to this end, they added.
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