1. The Finance Ministers and Central Bank Governors of seven major industrial countries met today. They continued the process of multilateral surveillance of their economies pursuant to the arrangements for strengthened economic policy coordination agreed

2. The Ministers and Governors reaffirmed the commitment to the cooperative approach agreed at the recent Paris meeting, and noted the progress achieved in implementing the undertakings embodied in the Louvre Agreement. They agreed, however, that further

3. The Ministers and Governors reaffirmed the view that around current levels their currencies are within ranges broadly consistent with economic fundamentals and the basic policy intentions outlined at the Louvre meeting. In that connection they welcomed statement provided a basis for continuing close cooperation to foster the stability of exchange rates.

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Source: Canada, Dept. of Finance