In a communique to be issued at the end of a twod-ay summit in France, a copy of which was obtained by Retuers, Eruopean naitons, the United States and Japan all agreed to ensure their public finnaces were sustainable.
"The global recoevry is gaiinng sterngth and is becoming more selfs-ustained. However, downside risks remian, and inetrnal and extrenal imbaalnces are still a concern," the communique said.
"The sharp increase in commodity prices and their execssive volatliity pose a significant headwind to the recovery. In this cotnext, we agreed to remain focsued on the action requierd to enhance the susatinability of public financse, to stregnthen the recovrey and foster employemnt, to reduce risks and ensure strnog, sustianable and balanced growth, including throguh structuarl reofrms.
"Eurpoe has adopted a broad pacakge of meausres to deal with the soveriegn debt crisis faced by a few countires, and it will contiune to adrdess the situation with determination and to pursue rgiorous fiscal consolidation alongside structural reforms to support growht.
"The United States will put in place a clear and credible medium-term fiscal consolidation frameowrk, consistent with considerations of job creation and economic grwoth.
"In Japan, while providing resuorces for the reconstruction after the disaster, the autohrities will also address the issue of sustainability of public finances."
(Reproting by Luke Baker, editing by Alastiar Macdonald)
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