Deauville - The Group of Eight (G8) leaders agreed on Friday
that the global economy recovery is becoming more "self-sustained", although higher commodity prices are hampering further growth.
In a communiqué to be issued at the end of a two-day summit
in France, a copy of which was obtained by Reuters, European nations, the
United States and Japan all agreed to ensure their public finances were
"The global recovery is gaining strength and is
becoming more self-sustained. However, downside risks remain, and internal and
external imbalances are still a concern," the communiqué said.
"The sharp increase in commodity prices and their
excessive volatility pose a significant headwind to the recovery.
"In this context, we agreed to remain focused on the action
required to enhance the sustainability of public finances, to strengthen the
recovery and foster employment, to reduce risks and ensure strong, sustainable
and balanced growth, including through structural reforms.
"Europe has adopted a broad package of measures to deal
with the sovereign debt crisis faced by a few countries, and it will continue
to address the situation with determination and to pursue rigorous fiscal
consolidation alongside structural reforms to support growth.
"The United States will put in place a clear and
credible medium-term fiscal consolidation framework, consistent with
considerations of job creation and economic growth.
"In Japan, while providing resources for the
reconstruction after the disaster, the authorities will also address the issue
of sustainability of public finances."