The Asia-Pacific Economic Cooperation (APEC) group on Thursday vowed to use all available policy tools to fight soaring global inflation and steer the world economy back on its growth path, its chair said after a meeting of the bloc’s finance officials.
The 21 APEC countries will use monetary, fiscal and structural tools to manage inflationary pressures, and also “refrain from competitive devaluation and will not adjust exchange rates for competitive purposes”, host nation and chair Thailand said in a statement.
“Strong fundamentals and sound policies are essential to the stability of the international monetary system,” it said.
APEC members, which include advanced economies like the United States and Japan and middle-income countries like Indonesia and Mexico, recognise that excessive volatility or disorderly movements in exchange rates can have adverse implications for economic and financial stability, the statement said.
The bloc failed to issue a joint statement due to differing views over Russia’s invasion of Ukraine, Thai Finance minister Arkhom Termpittayapaisith said after the meeting, which was closed to media.
