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.
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G7 Reaffirms Commitment to Market Exchange Rates
From Reuters Tuesday, February 12, 2013
http://www.reuters.com/article/2013/02/12/us-...dUSBRE91B0IF...
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 markets.
"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."
