ID :
23760
Fri, 10/10/2008 - 20:02
Auther :
Shortlink :
https://oananews.org//node/23760
The shortlink copeid
G-7 set to show resolve to fight against financial calamity
WASHINGTON, Oct. 10 Kyodo - Finance ministers and central bank governors of the Group of Seven economies are set to show their resolve during their meeting Friday in Washington to fight against a financial calamity which has been spreading globally and posing
a threat to the world's real economy.
Financial leaders from Britain, Canada, France, Germany, Italy, Japan and the
United States are widely expected to announce steps to restore stability in the
global financial markets which have been rocked by uncertainties stemming from
the U.S.-triggered financial crisis.
While stock prices continue to plunge worldwide despite unprecedented
coordinated rate cuts by six major central banks on Wednesday, market players
anticipate the G-7 economies will encourage public fund injections into
faltering financial institutions to regain investor confidence.
U.S. Treasury Secretary Henry Paulson is ''actively considering'' ways to
infuse public money into embattled U.S. financial institutions to shore up
their capital bases and contain the deepening global financial mayhem, the
White House said Thursday.
The G-7 financial chiefs will also examine progress in their efforts to
strengthen the efficiency and resilience of global financial markets in line
with recommendations by the Financial Stability Forum, an advisory body to the
seven economies.
In its report issued April 11 during the previous G-7 meeting, the FSF called
on financial institutions to implement ''stress tests'' to better prepare for
crises and urged them to fully and promptly disclose their risk exposures
within 100 days.
The forum, which is chaired by Bank of Italy Governor Mario Draghi, also sought
in April the joint monitoring of large global financial institutions by an
international group of supervisors by the end of 2008 to enhance risk
management.
The seven major economies are also expected to welcome appropriate investment
practices agreed on by sovereign wealth funds, as they could secure an open
international investment environment.
The G-7 nations will continue to discuss the global financial turmoil during a
dinner to be hosted by Paulson.
a threat to the world's real economy.
Financial leaders from Britain, Canada, France, Germany, Italy, Japan and the
United States are widely expected to announce steps to restore stability in the
global financial markets which have been rocked by uncertainties stemming from
the U.S.-triggered financial crisis.
While stock prices continue to plunge worldwide despite unprecedented
coordinated rate cuts by six major central banks on Wednesday, market players
anticipate the G-7 economies will encourage public fund injections into
faltering financial institutions to regain investor confidence.
U.S. Treasury Secretary Henry Paulson is ''actively considering'' ways to
infuse public money into embattled U.S. financial institutions to shore up
their capital bases and contain the deepening global financial mayhem, the
White House said Thursday.
The G-7 financial chiefs will also examine progress in their efforts to
strengthen the efficiency and resilience of global financial markets in line
with recommendations by the Financial Stability Forum, an advisory body to the
seven economies.
In its report issued April 11 during the previous G-7 meeting, the FSF called
on financial institutions to implement ''stress tests'' to better prepare for
crises and urged them to fully and promptly disclose their risk exposures
within 100 days.
The forum, which is chaired by Bank of Italy Governor Mario Draghi, also sought
in April the joint monitoring of large global financial institutions by an
international group of supervisors by the end of 2008 to enhance risk
management.
The seven major economies are also expected to welcome appropriate investment
practices agreed on by sovereign wealth funds, as they could secure an open
international investment environment.
The G-7 nations will continue to discuss the global financial turmoil during a
dinner to be hosted by Paulson.
