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G7 committed to keeping markets open


© Reuters. FILEPHOTO: The G7 Summit in Taormina is Italy’s May 26th, 2017. REUTERS/Alessandro Bianchi

KOENIGSWINTER (Germany) – In the face of attempts by some countries to impose import controls on rare agricultural commodities, the Group of Seven economic power are determined to maintain open markets, a draft G7 finance chief’s communiqué said Thursday.

The communique, which will be completed before Friday’s meeting closes on Friday, stated that “We are committed in keeping markets open to enhance the resilience of agricultural markets and energy markets in accordance with climate and environment goals.”

In addition, it stated that the G7 central banks closely monitored the effect of price pressures upon inflation expectations. They would continue to calibrate the pace at which monetary policy is tightened according to economic data.