Leaders of APEC economies determined to strengthen financial stability

The leaders of APEC economies will hold their next meeting on Bali, Indonesia, in 2013, according to the final declaration of the APEC summit.

It also welcomes the proposals of China, the Philippines and Peru to assume APEC presidency in 2014, 2015 and 2016 respectively.

In their final declaration the leaders of APEC economies concluded "the financial markets remain fragile, while high public deficits and debts in some advanced economies are creating strong headwinds to economic recovery globally." "The events in Europe are adversely affecting growth in the region. In such circumstances, we are resolved to work collectively to support growth and foster financial stability, and restore confidence. We are committed to strengthening domestic demand where appropriate, facilitating job creation, reducing high public deficits and debts, and implementing structural reforms to boost growth in our economies," they said.

"We welcome the European Leaders' commitment to take all necessary measures to safeguard the integrity and stability of the Euro area. We remain committed to reducing imbalances by strengthening deficit economies' public finances with sound and sustainable policies that take into account evolving economic conditions," the declaration says.

In economies with large current account surpluses APEC countries advise achieving this through strengthening domestic demand and moving toward greater exchange rate flexibility.

"We reaffirm our commitment to move more rapidly toward market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying fundamentals, avoid persistent exchange rate misalignments, and refrain from competitive devaluation of currencies," APEC leaders declared.

"We reiterate that excess volatility of financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability," the declaration says.

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