G7 in talks to calm global markets?
Saturday, August 18, 2007
THE Group of Seven industrialised nations have begun discussing measures to cope with plunging stock markets and wild foreign exchange fluctuations caused by US credit turmoil, a press report said yesterday.
Britain, Canada, France, Germany, Italy, Japan and the United States are considering an emergency meeting of their finance ministers and central bankers to try to help stabilise the markets, Japan's Jiji Press said.
Another option is to issue a joint statement without a meeting, but the G7 nations are cautious that such moves could further fuel investor anxiety, the report said without naming its sources.
French Economy Minister Christine Lagarde on Thursday said that G7 finance chiefs could gather before their next scheduled meeting in October if needed.
But there has been no specific proposal as yet for an emergency meeting, Jiji quoted a senior Japanese finance ministry official as saying.
Japan's finance ministry was unable to confirm or deny the report.
Meanwhile, Germany yesterday said it saw no need for an emergency meeting of the G7 wealthy nations over turmoil in world markets.
"In the view of the government, it is not necessary to schedule an extraordinary meeting," a spokesman for the government in Berlin said.
He confirmed that Chancellor Angela Merkel had received a letter from French President Nicolas Sarkozy in which he called for the G7 states to take steps to improve transparency in world markets.
Sarkozy also said in the letter that he was confident the fallout from turmoil in US credit markets would have no long-term effect on growth.
Japan's finance ministry did not confirm or deny the report.
AFP
Britain, Canada, France, Germany, Italy, Japan and the United States are considering an emergency meeting of their finance ministers and central bankers to try to help stabilise the markets, Japan's Jiji Press said.
Another option is to issue a joint statement without a meeting, but the G7 nations are cautious that such moves could further fuel investor anxiety, the report said without naming its sources.
French Economy Minister Christine Lagarde on Thursday said that G7 finance chiefs could gather before their next scheduled meeting in October if needed.
But there has been no specific proposal as yet for an emergency meeting, Jiji quoted a senior Japanese finance ministry official as saying.
Japan's finance ministry was unable to confirm or deny the report.
Meanwhile, Germany yesterday said it saw no need for an emergency meeting of the G7 wealthy nations over turmoil in world markets.
"In the view of the government, it is not necessary to schedule an extraordinary meeting," a spokesman for the government in Berlin said.
He confirmed that Chancellor Angela Merkel had received a letter from French President Nicolas Sarkozy in which he called for the G7 states to take steps to improve transparency in world markets.
Sarkozy also said in the letter that he was confident the fallout from turmoil in US credit markets would have no long-term effect on growth.
Japan's finance ministry did not confirm or deny the report.
AFP
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