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G7 ministers pledge to stimulate recovery of global economy
Published in Saudi Press Agency on 14 - 02 - 2009

Finance ministers and central bankers from the Group
of Seven (G7) most-industrialized nations ended talks Saturday with a
pledge to re-establish confidence in the stricken global financial
system and to stimulate a world-wide economic recovery, according to dpa.
A concluding statement after the gathering in Rome also renewed a
committment to avoid protectionist measures.
"An open system of global trade and investment is indispensable
for global prosperity," the statement said.
Ahead of the talks - which marked the first international
appearance of new US Treasury Secretary, Timothy Geithner - European
leaders had voiced concern over protectionism.
US President Barack Obama's administration's proposed economic
stimulus package includes a controversial "Buy American" clause.
Geithner said he had briefed his G7 counterparts from Japan,
Germany, France, Britain, Italy and Canada, on Washington's plans to
get the US economy back on track.
The measures "must be implemented in a way consistent with our
international obligations," Geithner told a news conference after the
meeting.
He was referring to commitments made by the United States and
other World Trade Organization (WTO) member nations to refrain from
raising new trade barriers.
Italian Economy Minister Giulio Tremonti, whose country holds the
current G7/G8 presidency, said he thought protectionism remains a
danger "not only for those nations like Italy whose economies are
based on exports."
"But for now the 'Buy this and Buy that' remain political
slogans," Tremonti said, adding he believed the WTO agreement
provided, "for now," a guarantee against protectionism.
With the severe economic downturn "expected to persist through
most of 2009" G7 members said they wished to prioritize measures to
strengthen the crisis-ridden banking sector.
"We need to make banks strong enough so that they can be
supportive of economic recovery," Geithner said.
These measures, participants agreed, would also require the
establishment of regulatory and oversight mechanisms to prevent a
repeat of the banking crisis, which most analysts say is at the root
of the current downturn.
G7 finance ministers have asked their deputies, in consultation
with partners from emerging economies, to prepare by July a progress
report on an "agreed set of common principles and standards of
propriety, integrity and transparency of international economic and
financial activity," the statement said.
The G7 ministers did not identify a body which would eventually
take on the task of introducing new norms and regulations and
providing oversight over their implementation.
However, they agreed that a "reformed International Monetary Fund
(IMF), endowed with additional resources is crucial to respond
effectively and flexibly with the current crisis."
Germany, for its part, would "take part, if required" in providing
financial support to the IMF, German Finance Minister Peer
Steinbrueck said.
The Rome meeting came ahead of April's Group of 20 (G20) summit in
London - which includes representatives from nations with emerging
economies.
G7 participants on Saturday stressed the important role of such
emerging countries such as China, India and Brazil in safeguarding
international financial stability and economic growth.
In particular, they welcomed "China's fiscal measures and
continued commitment to move to a more flexible exchange rate."
This the G7 statement suggested, would lead to a rise in the value
of China's renminbi currency and, in making exports to the Asian
giant cheaper, "help promote more balanced growth in China and in the
world economy."


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