The G7 additionally vowed not to intentionally set out to weaken currencies, after the yen on Friday hit its lowest point against the dollar in more than four years.
The US has put pressure on European nations to scale back their spending cuts amid fears they may harm growth, but Osborne said the meeting in Aylesbury, northwest of London, revealed much common ground.
“This meeting confirmed there are more areas of agreement between us on fiscal policy than is assumed,” said Osborne.
French finance minister Pierre Moscovici echoed Osborne's remarks. “The consensus is gaining momentum in the way we balance support for growth and fiscal consolidation.”