They say they want markets
to value currencies but warn against "excessive volatility and
disorderly movements in exchange rates" and pledge "to continue to
consult closely on exchange markets and cooperate as appropriate." That
is, they will let markets work except when markets become inconveniently
"excessive" and "disorderly" and then they will
coordinate their market rigging. They won't intervene except when they do.
This is all doubletalk.
* * *
G7 Reaffirms Commitment to
Market Exchange Rates
Tuesday, February 12, 2013
LONDON -- Following is the
text of a statement released Tuesday by the G7 nations -- the United States,
Britain, France, Germany, Japan, Canada, and Italy.
"We, the G7 ministers and
governors, reaffirm our longstanding commitment to market-determined exchange
rates and to consult closely in regard to actions in foreign exchange
"We reaffirm that our fiscal
and monetary policies have been and will remain oriented toward meeting our
respective domestic objectives using domestic instruments, and that we will
not target exchange rates.
"We are agreed that
excessive volatility and disorderly movements in exchange rates can have
adverse implications for economic and financial stability. We will continue
to consult closely on exchange markets and cooperate as appropriate."