MARSEILLE, France (Reuters) - Following are highlight quotes from Group of Seven finance ministers and central bankers meeting in Marseille.
“We intervened in August and I told the (G7) that we will continue to watch the situation closely and flexibly, and take decisive steps against speculative moves.”
”I voiced our concern about the current yen’s rise but I cannot say what others said.
“But no countries voiced opinions against our explanation . I believe we gained understanding toward our view on currencies.”
“The world economy is showing signs of a downturn due to jitters in financial markets over Europe’s debt problems. I said that it is hard to reverse this trend.”
“We need to steer fiscal management carefully while paying heed to how fiscal rebuilding could impact the economic trend and situation. Nevertheless we cannot avoid fiscal rebuilding.”
“I believe Japan shared the view with Europe and America that economic growth cannot be achieved without sound finances.”
“I explained the impact of the yen’s rise on the Japanese economy. Uncertainty over the world economy is a factor behind rises in the yen as a safe asset.”
“Debt problems in Europe and America have led to a rise in the world economy’s uncertainty. I told the (G7) that I expect Europe and America to tackle fiscal problems.”
“The G7 agreed that it was important for Europe to carry out its July agreement and tackle financial stability.”
“European officials fully understand the gravity of the situation there. The G7, alongside the International Monetary Fund, is committed to working with them to decisively address the crisis in Europe.” “There was strong support around the table for the plan the president laid out to strengthen growth and restore long-term fiscal sustainability.”
“We know the global economic growth has weakened somewhat, that’s also the case in Germany. we said that too high deficits are a main problem ... Therefore the course of deficit consolidation has to be continued.”
“The federal government will propose an appropriate person for (Stark‘s) succession on time and quickly. And it will do so in the manner it should be done in. It will first talk to the head of the Eurogroup, the colleagues in the Eurogroup.”
“I have explained at length that agreements that have been made must be fulfilled.”
On German growth:
“The pessimism about the German economy that has been spreading is exaggerated. The recovery has slowed but ... it has not stopped. The cooling in the second quarter was mostly due to temporary factors ... We see no reason to revise our forecasts downwards. We expect robust economic growth to continue in the third quarter.”
“You can rest assured that I will stand up for these principles (of stability) on the ECB board like others on the board are too.”
“The G7 reaffirmed its commitment to safeguarding the solidity of sovereign ratings.”
“We have to get away from the idea there is only one solution for all... It’s not rigor versus growth.”
“It was a G7 where everything was raised. There was no dead time.”
”I have no information on any Plan Bs in Germany or elsewhere.
”We are experiencing a period which calls for as much an anchoring of confidence as possible and that’s what we are trying to do.
“We have a situation which is a global situation. When I look at the behavior of the market I see there is a multidimensional element.”
“There is an extreme tension on the markets, what’s important is that very strong measures are taken by governments concerned.”
“It was really a meeting of great cohesion and force. There was a determination by everyone to meet challenges.”
”Our task is to do our job as effectively and quickly as possible.
“As you have seen in the past we are able to take decisions to show we can do what it takes to safeguard stability.”