European Stars And Stripes (Newspaper) - September 28, 1987, Darmstadt, Hesse                                Monday. September 28, 1987 the stars and stripes Page 7 group of 7 seeks to stabilize Dollar Washington up the seven most powerful democratic nations saturday renewed their 7-month of of $70 billion Effort to stabilize the Dollar s value and said Exchange Rales should not change. In a statement issued after 7w hours of meetings the finance ministers and Central Bank governors who make up what is called the croup of seven agreed that the values of their currencies Are whal they should be Given the economic strength of each country they recommitted themselves to continue to Coop Erate closely to Foster the stability of Exchange Rales around current Levels the statement said. La added that the officials from the United states Germany Japan. Britain France Italy and Canada will work harder to liberalize their markets reforming their tax systems and making other changes to boost economic growth. The statement omitted any criticism of any one country but. The finance ministers of France and Italy said group members debated with Germany s delegation Over that country s minuscule economic growth. The German Economy expanded by just 0.8 percent in the second Quarter Over the same period in 1986. About one third of the . Growth Rale. French and italian officials said the germans re plied that they Are More concerned these Days about the threat of inflation in their Economy than its rela Tive Lack of growth. British officials said one of Treasury Secretary James Baker s chief concerns was to insert into the statement a line applauding president Reagan for his announcement declaring he would sign into Law a new version of the Gramm Kudman deficit reduction act. Even without the congratulations to Reagan Baker Hud Good reason to by satisfied with the agreement Baker has Long pushed for the world s leading nations to work together in coordinating economic policy All the group s members except Italy agreed in february to end two years of volatile Shafii in their Curren cies by working together in holding Etc Harrje rates steady Italy joined in at an april meeting. Coordination has Cost the countries an Cui Alcil i to billion in interventions on the currency markets. Hut the Money has bought stability except for a 6 percent slide against he japanese yen a Dollar is Worth about