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Forex pairs in this Article » (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale believes that the subtext for the rather non-eventful G7 statement is that the consequences of domestic policies for the rest of the world are of limited importance.

He feels that it justifies the stance taken by the US, UK, Japan or Switzerland, with the last odd man out the Eurozone. He writes, "Even there, there has been an attempt by Draghi to clarify how he expects a higher currency could impact his inflation target and hence policy. Even within Europe, the theme of internal "devaluation" is in fashion playing around with taxes and other incentives with Germany's example taken as a lead."
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