G7 may take action for economic and financial stability after Brit vote to leave EU

OTTAWA – The Group of Seven advanced economies says it’s prepared to take measures to stabilize economic and financial stability in the wake of the British vote to leave the European Union.

A statement from the G7 says it respects the outcome of the vote and says it’s confident the British economy and financial sectors remain resilient.

But it also adds that it recognizes “excessive volatility and disorderly movements” in exchange rates can have an adverse impact on economic and financial stability.

It says G7 central banks have taken steps to ensure adequate liquidity and to support the functioning of markets, and adds it’s prepared to use “established liquidity instruments” to that end.

The G7 includes Canada, France, Germany, Italy, Japan, United Kingdom and the United States. The European Union is also represented within the G7.