G7 chiefs condemn ‘excess volatility’

FINANCE chiefs from the world’s leading industrialised nations have agreed that a global recovery is gaining steam and papered over tensions on currency exchange rates by warning markets “excess volatility” should not to be tolerated.

As finance ministers and central bankers from the Group of Seven (G7) wrapped up a two-day summit in Florida at the weekend, they sought to calm currency markets and reassure Europeans worried that the rising euro could hurt growth.

“Excess volatility and disorderly movements in exchange rates are undesirable for economic growth,” said a statement on Saturday. “We continue to monitor exchange markets closely and cooperate asappropriate.”