Kuwait: G7 Finance Ministers to Boost Cooperation in Combating Finance Cyber CrimesSource: www.export-egypt.com 5/14/2017, Location: Middle East |
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Financial leaders of seven leading world economies, known as the G7, pledged stronger cooperation against cyber-crime and not to use foreign exchange to gain competitive advantage, but stuck to their cautious wording on trade, their final communique showed
Finance ministers and central bank governors from the United States, Canada, Japan, France, Germany, Italy and Britain met in the Italian city of Bari to discuss the world economy, combating terrorist funding, cyber security and taxes. The final communique of the meeting said the seven countries would use all policy tools fiscal, structural and monetary to boost economic growth. It also said the G7 financial leaders would strengthen cooperation to counter cyber threats such as a global online attack, which infected tens of thousands of computers in nearly 100 countries The statement noted fiscal policy should be used to help job creation while keeping public debt on a sustainable path and monetary policy should help economic activity without fueling strong inflation. "We reaffirm our existing G7 exchange rate commitments to market-determined exchange rates and to consult closely in regard to actions in foreign exchange markets," it said. "We reaffirm our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic policy objectives, using domestic instruments and we will not target exchange rates for competitive purposes," it said, underlining the importance of refraining from competitive devaluations. |
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