APEC finance ministers will call for flexible interest rates and exchange rates as the group looks at redressing economic balances after the financial crisis, a draft statement from the group says.
The statement reads “We agreed that flexible prices, including exchange rates and interest rates, play a crucial role in allocating resources efficiently, and can facilitate the adjustments needed to support balanced and sustainable global growth.”
Members also said those economies with large external deficits will pledge policies to support private savings and get their finances in order, while keeping their markets open.
Those with external surpluses will pledge to strengthen domestic sources of growth “allowing for the adjustment of demand and relative prices over the medium term” among other measures.
As the member economies unwind economic stimulus policies, the ministers “recognised the need to reduce and stabilise public sector debt burdens to a low and prudent level.”