October 23, 2010 12:48 PM EDT
The Group of 20 advanced and emerging economies agreed on Saturday to move toward market-determined exchange rates and to pursue the full range of policies needed to reduce excessive external imbalances.
Here are comments from officials after the meeting:
MARK CARNEY, BANK OF CANADA GOVERNOR
"It has long been the position of the G7 and broader advanced countries that we would ... In favoring flexible exchange rates but reserving the right to cooperate as appropriate avoid excess volatility and disorderly moves in exchange rates. You should look at the language here, as we do, as a reaffirmation of those positions at a time of heightened currency tensions."
DOMINIQUE STRAUS-KAHN, IMF MANAGING DIRECTOR
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IMF REFORM
"You can always argue that this country deserves 0.1 ppts more or 0.1 ppts less, but the reality this is that it (IMF board) now represents the reality of the global economy."
"Until the reform has been adopted by 85 percent of the voting power.
JAPANESE FINANCE MINISTER YOSHIHIKO NODA
ON G20
"I believe (the statement) has more active meaning (than past statements) as it calls for appropriate cooperation (on currencies) while paying close attention to the market. I take it that the dollar, yen and euro will be more stabilized.
ON FX
"We intervened last time to curb excessive moves, and our stance remains unchanged that we'll respond appropriately and take decisive steps when necessary.
"I'll keep close watch on the market. If G20 failed to make a commitment to tackling the issues of currencies and external imbalances, that would cause an impact, but I want the market to appreciate the fact that a certain agreement was reached."
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