4. Wehave agreed that while progress has been made, further actions are required tomake growth strong, sustainable and balanced. Some countries have taken stepsto stimulate activity since we last met. In particular, Japan’s recent policyactions are intended to stop deflation and support domestic demand. Inaddition, Korea announced an active macroeconomic policy package. However, muchmore is needed to fulfill our commitment to address the ongoing weakness in theglobal economy. Major policy priorities remain largely the same. In the euroarea the foundations of economic and monetary union should be enhanced,including through an urgent movement towards banking union, further reducingfinancial fragmentation, and continued strengthening of banks’ balance sheets.Further progress toward a balanced medium-term fiscal consolidation plan isnecessary for the United States, although significant deficit reduction hasalready been achieved. Japan should define a credible medium-term fiscal plan.Large surplus economies should consider taking further steps to boost domesticsources of growth. We will continue to implement ambitious structural reformsto increase our growth potential and create jobs.
4. 我们同意，尽管经济有所好转，但是，为了保持强劲、可持续、平衡的增长，仍需进一步的行动。自我们上次会面以来，一些国家已经采取了行动刺激经济活动。特别是，日本最近的政策行动是为了终结通缩和支持国内需求的。同时，韩国公布了一个积极的宏观经济政策。但是，为改善目前全球经济，仍需更多的努力。主要政策的优先级仍大体保持不变。在欧元区，经济与货币联盟的基础应当加强，具体包括抓紧推动银行业联盟、进一步减少金融碎片化以及继续增强银行的资本状况。对美国来说，尽管已经实现了显著的削减赤字，仍需进一步的努力来实现平衡的中期财政计划。日本应该确定一份有公信力的中期财政计划。有大量财政盈余的经济体应该考虑进一步的措施来刺激本地的经济增长。我们将继续实施结构改革来增强经济增长潜力并且促进就业。
6. Wereiterate our commitments to move more rapidly toward more market-determinedexchange rate systems and exchange rate flexibility to reflect underlyingfundamentals, and avoid persistent exchange rate misalignments. We will refrainfrom competitive devaluation and will not target our exchange rates forcompetitive purposes, and we will resist all forms of protectionism and keepour markets open. We reiterate that excess volatility of financial flows anddisorderly movements in exchange rates have adverse implications for economicand financial stability. Monetary policyshould be directed toward domestic price stability and continuing to supporteconomic recovery according to the respective mandates of central banks. Wewill be mindful of unintended negative side effects stemming from extendedperiods of monetary easing.
6. 我们重申，我们将继续推动更加基于市场的汇率体系，汇率波动反应相应的基本面，避免持续的汇率错位。我们将避免竞争性货币贬值的发生，也不会为了竞争力原因锁定我们的汇率水平，我们将拒绝所有形式的保护主义，保持我们市场的开放。我们重申，国际资金流动的过分波动和汇率的无序波动已经对经济和金融稳定产生了负面的影响。货币政策应该遵从各国央行的使命，用于稳定国内的物价和继续支持经济复苏的目的。我们将高度留意，长时间宽松货币政策带来的不良副作用。