LECCE, Italy (AP) -- The Group of Eight industrialized nations have begun preparing for an economic recovery, acknowledging on Saturday "signs of stabilization in our economies" and agreeing to ask the International Monetary Fund to investigate ways to unwind hefty stimulus packages.
In a communique released at the end of a two-day meeting here, the group's finance officials said that so-called exit strategies from monetary and fiscal stimulus measures -- like tax cuts and lower interest rates -- were "essential to promote a sustainable recovery over the long term."
The ministers said they had asked the IMF to begin analyzing potential strategies to assist with the process.
However, ministers from the U.S., Japan, Germany, France, Britain, Italy, Canada, Russia and the European Union also stressed their commitment to provide any more stimulus the economy might need -- as long as it does not threaten to spur inflation or push state budgets further into deficit.
"We must remain vigilant to ensure that consumer and investor confidence is fully restored and that growth is underpinned by stable financial markets and strong fundamentals," they said in the statement.
"We will continue working with others in taking the necessary steps to put the global economy on a strong, stable and sustainable growth path, including by continuing to provide macroeconomic stimulus consistent with price stability and medium-term fiscal sustainability," they added.
The ministers also agreed on the need for a set of common principles and standards for propriety, integrity and transparency regarding the conduct of international business and finance. more...
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