G8 Summit
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G8 Summit Declaration : GROWTH AND RESPONSIBILITY IN THE WORLD ECONOMY.
Imprimer
Heiligendamm, Germany, Thursday, June 7 2007
1. We have agreed on a policy agenda to promote a smooth adjustment of global imbalances which should take place in the context of sustained robust global economic growth. We have taken stock of the progress made to date and discussed further challenges lying ahead. Our agenda builds on discussions at the IMF and other international fora. Open markets and competition are crucial elements, as are our efforts to promote freedom of investment and the dynamics of innovation described hereafter.
2. We note that the world economy is in good condition and economic developments are now more conducive to an adjustment than in the past, not least because we have made progress in implementing our joint strategy. However, further efforts will be required to better rebalance global demand. Global imbalances took a long time to build. Likewise, their unwinding is likely to be a gradual process, entailing a medium-term rebalancing of demand growth across countries.
3. The economic environment has developed in a direction which favours the adjustment of global imbalances. Growth is now more balanced across regions, as it has moderated to a more sustainable pace in the US, while domestic demand has strengthened in Europe and remains supported by robust investment in Japan. We have made progress in implementing our joint policy strategy:
• The United States has lent support to national savings by quickly and substantially reducing the federal budget deficit.
• In Canada, domestic demand has been strong, supported by robust employment growth. Governments have significant ongoing budget surpluses.
• In Europe, domestic demand has strengthened and the recent growth performance reflects prudent macroeconomic policies and a pay-off from structural reforms, including an improved labour market.
• In Japan, as strenuous...
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