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G7 ministers pledge to stimulate recovery of global economy (Roundup)
Feb 14, 2009, 16:37 GMT
US Treasury Secretary Timothy Geithner looks on prior his press conference at the end of G-7 meeting in Rome, Italy on 14 February 2009. Finance ministers from the Group of Seven (G7) were expected to adopt a series of common measures to ensure greater stability in the global economy when they wrap up their summit. EPA/MARIO DE RENZIS . . .
Rome - 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.
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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Older Talkback
page: 1
is now a specialist in global economic systems. Wow, is he ever brainy. I wonder if there isn't anything that he doesn't know. He isn't 'willfully ignorant' about anything is he? Yeah, right.
Post above is an example of typical U.S. citizen heckling in order to help make excuses for tax evasion and criminal activity.
They will do anything to protect their chosen leaders. The typical U.S. citizen is a zombie that will follow their chosen ones into the abyss.
A good display of willful ignorance.
proves that he is a brain dead idiot that jumps to conclusions based not on facts in evidence, but on his own ignorance and srupidity.
Post above is an example of typical U.S. citizen heckling in order to help make excuses for tax evasion and criminal activity.'
Firsty off, I am not a citizen of the USA. I don't even live there. Secondly how does 'heckling' help tax evasion and criminal activity?
Only in Vegetarian Aerodynamic Engineer Lance's pea brain does that make sense.
Talking about willfull ignorance personified, have you seen a psychiatrist yet today, lance? Have you forgotten to take your meds again?
the typographical errors are due to a malfunctioning keyboard, not a malfunctioning brain, which is what lance suffers from.
'Secondly how does 'heckling' help tax evasion and criminal activity?'
Timothy Geithner, et. al. gets away with tax evasion and criminal activity because he knows there are legions of hecklers that want to remain willfully ignorant about their politicians and political system and the followers will do ANYTHING, including mass murder, to believe that there is nothing wrong. It is called denial, it is a survival instinct. If you actually knew how corrupt your politicians were you would have to kill yourself because you would realize how stupid you have been and you couldn't live with yourself.
Hey veg head:
'Timothy Geithner, et. al. gets away with tax evasion and criminal activity because he knows there are legions of hecklers that want to remain willfully ignorant about their politicians and political system and the followers will do ANYTHING, including mass murder, to believe that there is nothing wrong. It is called denial, it is a survival instinct. If you actually knew how corrupt your politicians were you would have to kill yourself because you would realize how stupid you have been and you couldn't live with yourself.'
So what, and it is not criminal as he paid his taxes and penalty. And again, it is none of your business as it is not your country. You live in the desert and need more protein, go out and eat some pigs feet.
'If you actually knew how corrupt your politicians were you would have to kill yourself because you would realize how stupid you have been and you couldn't live with yourself.'
I couldn't care about the politicians that you refer to. They aren't mine. In don't own them. I didn't vote for them. In fact they aren't even my representatives. I have a master's degree and about to defend my Doctoral thesis, so I'm not stupid, unlike you. I can live with myself just fine.
'It is called denial, it is a survival instinct'
Denial is NOT a survival instinct. It is avoidance of reality, something that you do every second that YOU live. If there is a creature that is willfully ignorant on this site, it is Pea-brained, Aeronautical Engineer, Economics Guru, Master Bater, Lance - the illogical, headcase, deflectionst total moron.
'If you actually knew how corrupt your politicians were you would have to kill yourself '
More projection from the sites headcase. Unlike Looney Lance, I am not neurotic, psychotic, or insecure. Lance is all three. It appears that Lance's mental health is deteriorating rapidly. My continued existence does not depend on whether or not politicians are corrupt. Lance however need corruption(real or imagined) in order to have something to whine about. Without whining, gloomy Lance has no raison d'etre. Hey Lance, is the glass half full or half empty? I have a full cup of Hemlock for you, for when you get thirsty.
page: 1
lanceFeb 14th, 2009 - 21:44:20
Timothy Geithner: Hires people illegally, cheats on taxes.
Yeah, the typical U.S. citizen will love him. One of their kind.
'Willful ignorance' through and through.
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