The G7 meeting of financial policy makers ended t Friday without taking any real concrete steps towards a more stable global economy.
During the 2-day conference in Japan, the industrial officials pledged to seek strong global growth and expressed concern over North Korea, Russia and maritime disputes involving China but glossed over differences on currencies and stimulus policies.
They did affirm their “existing exchange rate commitments to market-determined Forex rates and to keep markets open while refraining from excess volatility and any moves in FX rates that can have adverse implications for economic, financial stability.”
The seven policy officials also vowed "a more forceful and balanced policy mix" to "achieve a strong, sustainable and balanced growth pattern", viewing each country's circumstances separately, while continuing their efforts to move public debt on a sustainable track.
The G7 expressed concern over the East and South China Seas, pointing to the more assertive action in China amid territorial disputes with Japan and several Southeast Asian nations.
Although not mentioning Beijing, the G7 reiterated its commitment to the peaceful settlement of maritime disputes and to respecting the freedom of navigation and overflight. The group called for countries to refrain from "unilateral actions which could increase tensions" and "to settle disputes by peaceful means".
Warning Against Brexit
In their final statement, the group warned that a UK exit from the EU would reverse the trend of increased global trade and investment jobs and would pose a "serious threat to global growth".
Prime Minister David Cameron has been campaigning for Britain to stay within the 28-country bloc and not resort to a Brexit.