APEC Finance Ministers Issue Statement

Commit To Strengthening Recovery, Reinforcing Stability And Opening Markets
Issued by the 18th APEC Finance Ministers’ Meeting
Honolulu, United States, 10 November 2011 – APEC Finance Ministers today pledged to decisively address risks to the global economy to restore confidence, financial stability and sustainable growth.

Meeting in Honolulu, Ministers acknowledged that growth and job creation have weakened in the region, particularly in advanced economies, while inflation remains elevated in many. Capital flow volatility has intensified in response to heightened risk aversion.

Hosting the 18th APEC Finance Ministers’ Meeting, US Treasury Secretary Timothy Geithner and other APEC Finance Ministers issued a joint statement that pledged to “take coordinated actions to strengthen the global recovery, reinforce financial sector stability, maintain open markets and build a foundation for strong, sustainable and balanced growth”.

Joint Ministerial Statement and Photos are available

Ministers endorsed the G20’s commitment for advanced economies to implement clear, credible and specific measures to achieve fiscal consolidation. Those with large current account deficits commit to reforms to increase domestic demand, coupled with greater exchange rate flexibility.

Emerging market economies will contain inflationary pressures and endeavor to enhance resilience in the face of volatile capital flows. Surplus emerging market economies will accelerate reforms to rebalance demand to more domestic consumption and investment, supported by continued efforts to move toward more market-determined exchange rates and achieve greater exchange rate flexibility to reflect economic fundamentals.

Ministers also took stock of APEC’s work on infrastructure financing and financial empowerment. They said that accelerating infrastructure investment and improving service delivery will contribute to boosting the recovery and is critical for sustaining economic growth in the Asia-Pacific region.

They also recognized that a significant number of residents in the region still lack effective access to safe and reliable financial services and affirmed their commitment to expand the reach of safe and reliable financial services in APEC economies to strengthen and broaden economic growth.

Ministers reaffirmed their shared interest in reforming the financial sector to better meet the needs of our economies.

APEC Finance Ministers also considered analysis and perspectives from the President of the Asian Development Bank, the President of the Inter-American Development Bank, the Managing Director of the World Bank Group, the Deputy Managing Director of the International Monetary Fund, and the APEC Business Advisory Council.

APEC Finance Ministers will deliver their joint statement to APEC Economic Leaders when they meet on 12 - 13 November in Honolulu.

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ENDS

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