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article imageG7 Finance Minsters Have Few Answers

By Bob Ewing     Feb 14, 2009 in Politics
The group of Seven (G&) finance ministers have been unable to reveal any new steps to tackle the global economic downturn.
At the summit in Rome the G7 finance ministers were unable to put forward any new ideas as to what to do in order to reverse the impact of the global economic downturn. They were able to promise forceful and co-ordinated efforts to restore economic growth.
However, very little was said on what form those efforts would take.
The G7 ministers and central banks released a statement saying “stabilization of the global economy and financial markets remains our highest priority…we reaffirm our commitment to act together using a full range of policy tools to support growth and employment and strengthen the financial sector.”
Canadian finance minister Jim Flaherty and Mark Carney, the governor of the Bank of Canada, both expect a rough 2009 as the global economy continues to deteriorate.
“My estimate is that we are closer to the bottom [but] the degree of uncertainty is fairly substantial,” Flaherty told reporters.
“The G7 statement ticks all the right boxes, but as expected does not go beyond generic statements of principle and commitments that we have heard before,” said Marco Annuniziata, the chief economist in London for UniCredit, Italy's largest bank.
Annuniziata added that the commitment to act in a co-ordinated way to restore financial and economic stability “flies in the face of the rather uncoordinated approach to financial rescue plans and stimulus packages that followed similar commitments last October.”
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