BASEL, SWITZERLAND, NOV. 9 -- Central bank chiefs from the leading industrial nations today reaffirmed a commitment to keep the world financial system running smoothly but did not unveil any new policy initiatives.
At the close of two days of talks, the officials issued a joint statement saying they agreed on the approach required to cope with the recent upheaval in the world's financial markets.
But they offered no hints as to whether they agreed on specific measures to restore confidence in the markets.
The central bankers -- from the United States, Japan, West Germany and eight other major trading nations -- expressed satisfaction with their ability to "maintain the smooth functioning" of the financial system following a worldwide collapse in stock prices last month and the continuing decline of the U.S. dollar.
The joint statement said the officials "stressed the importance" of efforts by governments to adopt budgetary policies aimed at correcting huge trade imbalances, including the massive U.S. trade deficit and the large West German and Japanese trade surpluses.
Earlier, the U.S. and Japanese central bank leaders met and expressed common support for efforts to stem the decline of the dollar.
Satoshi Sumita, governor of the Bank of Japan, gave few details of his talks with Alan Greenspan, chairman of the Federal Reserve Board. But he said he and Greenspan shared a desire to again stabilize the foreign exchange markets, where the dollar has been under heavy pressure.
Sumita said he was not asked to reduce Japanese interest rates. On Sunday he had indicated Tokyo was not prepared to make any such reductions.
Greenspan was not available for comment, and other participants declined to speak with reporters.
The European central bankers attending the meeting were expected to press Greenspan on how much further the Reagan administration is prepared to see the dollar fall.
The U.S. currency has declined by nearly 7 percent against the West German mark and 6 percent against the Japanese yen in the past two weeks, following eight months of relative stability.
A falling dollar is a threat to the export-dependent West German and Japanese economies, since it makes foreign products more expensive in the United States.