G7 Finance Ministers and Central Bank Governors Issue Statement On Brexit
…Says We Are Monitoring Developments
…To Use Established Instruments To Ensure Adequate Liquidity
The G7 Ministers and Central Bank Governors of the seven most advanced economies countries have stated that they were monitoring markets developments aftermath of Brexit.
“We, G7 Ministers and Governors, respect the intention expressed today by the people of the United Kingdom to exit from the European Union. We are monitoring market developments following the outcome of the referendum on the UK’s membership of the EU.”
The group continued, “We affirm our assessment that the UK economy and financial sector remain resilient and are confident that the UK authorities are well-positioned to address the consequences of the referendum outcome. We recognize that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.”
“G7 Central banks have taken steps to ensure adequate liquidity and to support the functioning of markets. We stand ready to use the established liquidity instruments to that end. We will continue to consult closely on market movements and financial stability, and cooperate as appropriate. We remain united and continue to maintain our solidarity as G7.” The statement said
The G7 is made up of: Canada, France, Germany, Great Britain, Italy, Japan, and the United States.
These countries are the seven major advanced economies as reported by the International Monetary Fund (IMF).
The G7 countries represent more than 64 per cent of the net global wealth ($263 trillion).