Saturday, May 11, 2013

 

G7 Finance Ministers meeting closes with agreement to promote bank reforms

LONDON, May 11- The two-day finance ministers and central bank governors meeting of the Group of Seven (G7) closed at the Hartwell House in Aylesbury of Buckinghamshire, southern England, on Saturday with no substantial agreements announced.

British finance minister George Osborne said at a press conference after the meeting that the ministers and central bank governors of the seven countries agreed to press on with measures to deal with failing banks that do not land taxpayers with the bill.
The discussions of the G7 finance chiefs were on wide-range subjects, covering world economy recovery and growth, tax system, monetary policy and banking reform.
They agreed not to target foreign exchange rates, to have credible medium-term fiscal consolidation plans if it is needed.

The G7 finance ministers and central bank governors said that economic growth prospects remain uneven, and fiscal consolidation should be growth friendly.
"Overall, our discussions over the past two days have reaffirmed that there are still many challenges to securing sustainable global recovery, and we can't take it for granted," Osborne told reporters.

"But we are committed as the advanced economies in playing our part in nurturing that recovery and ensuring a lasting recovery so that we have prosperity in all our countries."
Osborne said the discussions had revealed more areas of agreement between the member states than is assumed, amid pressure from the United States for Europe to scale back deep austerity measures.
He also told reporters after the talks that the G7 ministers had agreed on the "importance of collective action" to tackle tax evasion, which Britain has made a priority of its presidencies of the G7 and the Group of Eight (G8).
He said that it was "incredibly important" that companies and individual pay the tax they owed.
The G7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States. The G8 is the G7 plus Russia.
The G7 financial officials gathering took place at the time when the market is much concerned about possible currency wars after the yen on Friday hit its lowest point against the U.S. dollar in more than four years, after the Bank of Japan, the Japanese central bank, unveiled a massive stimulus plan.
Before the meeting, there had been reports that Japan would be criticized for its massive stimulus plan.

Actually, Japan was not censured during the meeting.
According to a Reuters report, Japanese Finance Minister Taro Aso said the G7 had levelled no criticism at Japan's monetary policy.

Osborne said the G7 had reaffirmed its commitment made in February that its "fiscal and monetary policies have been and will remain orientated towards meeting" its members' respective domestic objectives and "will not target exchange rates".
Also in a statement before the meeting, Osborne: "The meeting takes place at a time of greater economic stability, thanks to policy action taken. Markets have calmed, and there are signs that this is feeding through into greater confidence."
"There is no doubt that there is greater stability, and that is reflected in financial markets, than perhaps there was last year."
But he said, "Global recovery cannot be taken for granted and needs to be nurtured."
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