The G-7 finance ministers and central bank governors, who met over the weekend to discuss the state of the world economy, made a commitment to pursue policies the support sustained economic growth.

In a statement, the ministers noted that growth in most of the G7 economies has been subdued, though uncertainties have diminished. “A strong and lasting recovery is essential for our own countries and for the world. To this end, we each commit to pursue sound macroeconomic policies that support sustained growth,” they said, highlighting the need for a low inflation, low interest rate environment.

They also pledged to boost investor confidence through continued improvements in corporate governance practices, market discipline, and transparency. “We will respond as needed to developments in the economic environment. We will continue to monitor exchange markets closely and cooperate as appropriate,” they said.

In April 2002, they adopted an integrated Action Plan to strengthen crisis prevention and resolution measures designed to promote conditions for sustained growth of private investment in emerging markets. And, they reiterated their commitment to this plan.