services, which contribute to addressing our common demographic challenges. We intend to ensure an appropriate level of public investment as well as promote quality infrastructure investment to address shortfalls, including through effective resource mobilization in partnership with the private sector. We commit to further investment in areas conducive to economic growth, such as environment, energy, digital economy, human resource development, education, science and technology. We are committed to advancing structural reforms to boost growth, productivity and potential output and to leading by example in addressing structural challenges. Labor market reform remains important in some of our economies. We commit to advancing labor market participation by women, the youth and the elderly, and improving job opportunity and quality. We commit to promote active labor market policies in order to ensure flexibility, inclusiveness and provide opportunities for the unemployed. We recognize the importance of achieving price stability and underline that wage dynamics should remain in line with productivity. We commit to ensuring a strong corporate governance framework that helps firms to channel corporate earnings in a productive manner to investment and wages. We are promoting competition, entrepreneurship and innovation, including by lowering barriers to new business entrants. Innovation is critical to realize sustainable growth. Competition is a source of innovation and we commit to protect intellectual property rights. We recognize that global excess capacity in industrial sectors, especially steel, is a pressing structural challenge with global implications. We reaffirm our existing exchange rate commitments to market determined exchange rates and to consult closely in regard to actions in foreign exchange markets. We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments and that we will not target exchange rates. We underscore the importance of all countries refraining from competitive devaluation. We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. A stable and resilient international financial architecture is critical for economic and financial stability. We welcome the entry-into-effect of the 2010 IMF Quota and Governance reforms and reaffirm our commitment to a strong, quota-based and adequately resourced IMF. Financial Regulation We reiterate our commitments to support the timely, full and consistent implementation of the G20 financial sector reform agenda, which will help us achieve our objective of sustainable economic growth. We also remain committed to finalizing the main elements of the regulatory reform agenda. We also reiterate our support for the work by the Basel Committee to refine elements of Basel III 5