Press Release: IMF Managing Director Proposes Appointment of Naoyuki Shinohara as Deputy Managing Director Oct 7, 2009
He participated in IMFC, G7, G20, ASEAN and other meetings as the Finance Minister s Deputy. He also promoted multilateral and bilateral cooperation efforts, including in Asia such as the Chiang Mai Initiative. (IMF News)
* Recovery may be jobless and joyless Oct 7, 2009
The replacement of the G7 by the G20, it is hoped, will improve global governance and make it easier to tackle the imbalances that lay at the root of the problems ... The G7 will stagger on as a more informal gathering of finance ministers for a quiet chat, but it has had its day. (Taipei Times, Taiwan -- World)
* Head of World Bank optimistic about new economic order Oct 6, 2009
The days of the G7 X an elite gathering of policymakers from the US, Britain, Japan, Germany, France, Italy and Canada X are over. Power has shifted to the G20, which includes the G7 plus a number of leading developing countries such as China, India, Mexico, Brazil and South Africa ... The E7 [Emerging Seven] X China, India, Brazil, Russia, Turkey, Indonesia and Mexico X could be a lot bigger than the current G7, he adds. (Taipei Times, Taiwan -- World)
Finance ministers agree to make G7 history Oct 6, 2009
With power shifting from the west to the bigger developing nations, the G7 agreed at the weekend that from 2011 it would meet informally, and only when there was an issue of mutual interest. The G7 has been a regular feature of the annual economic calendar since a meeting held at the Plaza hotel in New York in 1985 agreed to co-ordinate foreign exchange intervention to drive down the dollar ... He added that there was still a need for the G7, but ''the focus will be the G20 for some time to... (Sydney Morning Herald -- Business)
Euro rises after mixed data Oct 6, 2009
At the weekend meanwhile, finance ministers from the G7 economic powers warned against currency volatility, stressing the importance of a strong dollar and a flexible yuan exchange rate for future global economic stability. "The lack of any comments in support of the dollar from the G7 initially drove the euro higher overnight. The euro, however, has failed to hold its best levels," said Jane Foley, analyst at Forex. (Business Report, South Africa)
Carney, Flaherty Say U.S., China Must Do More to Stabilize Global Economy Oct 6, 2009
There is no question about Canadas contribution already to this effort and the real issues lie elsewhere, Carney said in an interview in Istanbul, where he attended a meeting of G-7 officials with Flaherty. The G-7 repeated its statement that excessive volatility and disorderly movements in exchange rates threaten the global recovery ... Carney declined to say whether the reference to excessive volatility in the G-7 statement was a reference to the U.S. dollar. (Bloomberg -- Canada)
Japan Finance Minister Fujii Says Weak-Currency Policies Aren't Desirable Oct 6, 2009
Officials expressed various opinions on the weakening of the dollar at the G-7 meeting in Istanbul last weekend, he said, while declining to comment on foreign-exchange rates. The slide in the U.S. currency has sparked concern from Canada to France over the potential impact on economic recoveries. (Bloomberg -- Japan)
G7's RMB complex -- Let's call it quits! Oct 6, 2009
G7's RMB complex -- Let's call it quits ... G7's RMB complex -- Let's call it quits ... On Saturday, G7 central bankers' meeting held in Turkey's Istanbul failed to produce any significant boost to the world economy. (Xinhuanet, China)
Asia Must Embrace Fluctuating Currencies to Assist Recovery, Flaherty Says Oct 5, 2009
G-7 finance ministers yesterday repeated their mantra that excessive volatility and disorderly movements in exchange rates threaten the global recovery. has dropped 14 percent against a basket of seven currencies since early March. (Bloomberg -- Canada)
US economic power 'is declining' Oct 5, 2009
Finance ministers from the Group of Seven (G7) richest nations - the US, Japan, Germany, UK, France, Canada and Italy - have also been meeting in Istanbul. The G7 said the world economy was improving but "there is no room for complacency since the prospects for growth remain fragile and labour market conditions are not yet improving." ... G7 finance ministers agreed to keep stimulus spending in place "until recovery is assured". (BBC News -- Americas)
IMF Pledges Voting Power to Developing Countries Oct 5, 2009
In this photo released by the IMF, G-7 Finance Ministers and their Bank Governors pose for a group. In this photo released by the IMF, G-7 Finance Ministers and their Bank Governors pose for a group photograph at the Istanbul Congress Center in Istanbul, Turkey, Saturday, Oct. 3, 2009 ... It followed a decision at a Pittsburgh forum that the G-20 nations would become the world's main economic decision-making forum, effectively taking over the role of the G-7 group of rich countries. (ABC News -- Wire)
Global recovery still fragile, warns G7 Oct 5, 2009
The world economy was growing faster than expected, but the recovery remained "fragile" and threatened by unemployment, finance ministers from the Group of Seven (G7) rich countries said after their meeting at the weekend ... The other G7 countries have done likewise, as has much of the developing world, and the result has been the faster-than-expected rebound in global economic growth ... The G7 countries are the US, Japan, Germany, France, the UK, Canada and Italy. (Business Report, South Africa)
G7 calls for firmer Chinese currency Oct 5, 2009
The Group of Seven (G7) rich nations urged China at the weekend to strengthen the yuan, but gave no sign of how it might overcome Chinese resistance to that suggestion or resolve other tensions over global currency rates. G7 finance ministers and central bankers, in a statement after they met in Istanbul, said Beijing should boost its tightly controlled currency to help correct imbalances in global trade, which have been blamed for fuelling the financial crisis ... "We welcome China's continued... (Business Report, South Africa)
Australian, New Zealand Dollars Rise; G-7 Avoids Criticism of U.S. Dollar Oct 5, 2009
Australian Dollar Advances as G-7 Avoids U.S. Dollar Criticism - Bloomberg ... Australian Dollar Advances as G-7 Avoids U.S. Dollar Criticism ... There was speculation heading into the G-7 that there could be discussions around the dollar, said , economist at ANZ National Bank Ltd. in Wellington. (Bloomberg -- Australia & New Zealand)
An Early Christmas Gift for Credit Card Holders Oct 5, 2009
After a meeting of G7 finance ministers and central bankers, U.S. Treasury Secretary Timothy Geithner said that hes not abandoning stimulus measures just yet, reports the ... In other G7 news, says that members refrained from outright criticism of the weak dollar. (Slate)
Recovery Concerns Weigh on Stocks, Dollar Oct 5, 2009
The U.S. dollar lost ground, drawing scant support from a weekend meeting of G7 ministers, and crude oil prices held below $70 a barrel as the weak data showed the pace and scope of economic recovery remained uncertain. U.S. employers cut 263,000 jobs in September, more than in August and the 21st straight monthly decline, Labor Department data on Friday showed. (ABC News -- Business)
Pitfalls along the path to recovery Oct 5, 2009
"Did someone say that the crisis is over?" said Lena Komileva, head of G7 market economics at Tullett Prebon in London. "Even when a genuine recovery ... gets underway and lifts growth above the zero mark, broken credit channels are likely to perpetuate the feeling of recession.". (Sydney Morning Herald -- Business)
G7 finance ministers warn recovery fragile Oct 5, 2009
The other G7 countries have done likewise, as has much of the developing world, and the result has been the faster than expected rebound in global economic growth ... The G7 countries are the United States, Japan, Germany, France, Britain, Canada and Italy ... Last week the leaders of the G20 agreed that the bigger body will become the world's "premier" economic decision-making forum, raising questions about the future of the G7. (Sydney Morning Herald -- Business)
Treasury Seeks to Extend G-20 Bonus Curbs to Goldman Sachs, Morgan Stanley Oct 5, 2009
Bonuses need to be tied to performance, Darling said yesterday in Istanbul, where he is meeting other G-7 finance ministers. Having signed up to the agreement, we expect that banks, whatever they do come the bonus season, they stick to what they said. (Bloomberg -- UK)
* G7 chiefs warn on currency volatility Oct 5, 2009
G7 chiefs warn on currency volatility ... G7 finance chiefs on Saturday warned against currency volatility, stressing the importance of a strong dollar and a flexible yuan exchange rate for future global economic stability ... In a joint statement, the G7 ministers also said there were signs of a global economic recovery, but added that there was no room for complacency and that fiscal stimulus measures by governments would stay in place. (Taipei Times, Taiwan -- World Business)
Stocks set to open up, snap 4-day losing streak Oct 5, 2009
The dollar fell after a G7 meeting at the weekend brought no surprises, which the market took as a signal policymakers are comfortable with a gradual dollar decline as part of global economic rebalancing. The G7 rich nations said on Saturday that too much volatility in foreign exchange markets could hurt the global economy and financial system, and again welcomed China's pledge to move toward greater currency flexibility. (Yahoo News -- Press Releases)
* Former Japanese finance minister dead at age 56 Oct 5, 2009
Nakagawa, a close ally of then-prime minister Taro Aso, was incoherent and slurred his speech at a news conference in February after the G7 talks in Rome amid the global economic crisis ... Finance Minister Hirohisa Fujii, now visiting Istanbul to attend a meeting of G7 financial chiefs, told reporters: I think he fulfilled his duty with all his might. (Taipei Times, Taiwan)
* Britain, France mobilize US$4bn for poor countries Oct 5, 2009
The UK and France, members of the G7 richest countries, made the announcement after G7 finance chiefs met in Istanbul, Turkeys financial center, ahead of IMF and World Bank annual meetings next week. This story has been viewed 336 times. (Taipei Times, Taiwan -- World Business)
Transcript of the G-24 press conference Oct 5, 2009
As you know, the G-7 talked about 5 percent, and the G-24 is talking about 7 percent. Mr. Bhattacharya - As you know, the IMF received a very large increase in temporary resources through the New Arrangements to Borrow, and that allowed the IMF to respond to this crisis, but what it has also shown is that the IMF needs a permanent capacity to be able to help its members, that it needs better precautionary instruments so that countries do not have the incentives for self-insurance, and the view... (IMF News)
G7 Presses for Stronger Yuan Oct 5, 2009
The G7 dominated economic policymaking for two decades, but Saturday's meeting underlined that it could no longer solve global problems without the cooperation of fast-growing economies in the developing world such as China. G7 finance ministers and central bankers, in a statement after they met in Istanbul, said Beijing should boost its tightly controlled currency to help correct imbalances in global trade, which have been blamed for fuelling the financial crisis ... "We welcome China's... (ABC News -- Wire)
BRIC Demand Bigger Share of IMF Votes Oct 5, 2009
Mantega also proposed that the G24 groups of developing nations be given a seat at the G20 of leading global economic countries, which has supplanted the G7 of rich countries since the global financial crisis erupted. (Reporting by Axel Bugge). (ABC News -- Wire)
Don't Resist Reform, G7 Policymakers Tell Banks Oct 5, 2009
Explosion Outside U.N. Offices in Islamabad; 3 Killed. By Steve Slater October 4, 2009. (ABC News -- Wire)
Former Finance Minister Nakagawa, 56, Found Dead in His Tokyo Residence Oct 5, 2009
Bank of Japan Governor , also at the G-7 meeting, expressed shock and offered heartfelt condolences over Nakagawas death. After earning a degree at the University of Tokyo in 1978, Nakagawa worked at the Industrial Bank of Japan, one of the forerunners of Mizuho Financial Group Inc. He was elected to the lower house in 1983, winning the his father earlier held, was appointed to ministerial posts including agriculture and trade, and served as the LDPs chief policy maker. (Bloomberg -- Japan)
Japan must boost domestic demand: minister Oct 4, 2009
ISTANBUL (AFP) - The Japanese economy should focus on domestic demand rather than exports in order to grow, Japan's new finance minister, Hirohisa Fujii, said on Saturday after talks with his G7 partners in Istanbul. "The economy is going to be driven by domestic demand," he said at a press conference, adding that Japan's new government "would manage monetary policy in line with greater domestic demand rather than foreign demand.". (Yahoo! Asia News)
Europe must clean up its banks: IMF Oct 4, 2009
"It's time to clean the banks," Marek Belka, head of the IMF's European department, said in Istanbul as finance chiefs from the G7 richest world economies gathered in Turkey's biggest city for talks on the economic crisis. "We need a more resolute approach to addressing the balance sheet risks faced by banks and to take action for recapitalisation or restructure viable institutions and dissolve others as necessary," he said. (Business Report, South Africa)
Former Japan finance minister found dead Oct 4, 2009
TOKYO (Reuters) - Former Japanese finance minister Shoichi Nakagawa, who resigned his key post after being forced to deny he was drunk at a G7 news conference in February, has died, Tokyo police said on Sunday ... Nakagawa, who was forced to deny he was drunk at a G7 news conference in February, has died, Tokyo police said on Sunday. (The Star Online, Malaysia -- News)
G-7 Members to Meet Less Often as G-20 Becomes Main Global Economic Forum Oct 4, 2009
G-7 to Meet, Talk Less Often as G-20 Ascends, Officials Say - Bloomberg ... G-7 to Meet, Talk Less Often as G-20 Ascends, Officials Say ... A week after the G-20s leaders convened in Pittsburgh for the third time in a year, G-7 ministers and central bankers said they would tighten the schedule of their meetings, work in parallel with G-20 events and issue communiqus only on merit. (Bloomberg -- Australia & New Zealand)
G7 welcomes China commitment Oct 4, 2009
G7 warns of disorderly exchange rate movement, welcomes China commitment _English_Xinhua. G7 warns of disorderly exchange rate movement, welcomes China commitment ... ISTANBUL, Oct. 3 (Xinhua) -- Finance leaders of the Group of Seven (G7) richest economies warned Saturday of disorderly movements in exchange rates and welcomed China's commitment to make the exchange rate of its currency more flexible. (Xinhuanet, China)
Geithner Says Strong Dollar `Important,' Pledges to Maintain Confidence Oct 4, 2009
The G-7 policy makers met at the end of a week in which officials from France to Canada signaled concern a sliding dollar is threatening to impede their economic recoveries from the deepest global recession since World War II. The dollar has dropped 14 percent against of seven currencies since early March ... When asked about the dollar falling as a result of international efforts to reduce global imbalances, Geithner said he wouldnt go beyond what was in the official G-7 communique. (Bloomberg -- US)
Japan's ex-Finance Minister found dead at home Oct 4, 2009
Japan's Finance Minister Shoichi Nakagawa speaks to reporters after the G7 finance ministers meeting in Rome in this February 14, 2009 file photo ... The 56-year-old, ex-lawmaker from the Liberal Democratic Party resigned as finance minister in February after being forced to deny he was drunk at a G7 news conference ... On Feb. 17, Nakagawa stepped down as finance minister in former Prime Minister Taro Aso's cabinet over allegations he appeared drunk at a recent G7 summit in Rome. (Xinhuanet, China)
Japanese ex-minister found dead Oct 4, 2009
Police in Japan say former finance minister Shoichi Nakagawa, who resigned over apparent drunken behaviour at a G7 meeting, has been found dead ... The long-time LDP lawmaker stepped down as finance minister after appearing groggy at a news conference in February at G7 talks in Rome. (BBC News -- Asia-Pacific)
Canadian Currency Strengthens as Crude, Gold Advance, IMF Raises Forecast Oct 4, 2009
Canadian Dollar Advances as Commodities Rise Before G-7 Meeting - Bloomberg ... Canadian Dollar Advances as Commodities Rise Before G-7 Meeting ... G-7 finance chiefs are gathering in Istanbul before next weeks annual meetings of the International Monetary Fund and World Bank. (Bloomberg -- Canada)
* G7 considering its future, may form smaller group Oct 4, 2009
G7 considering its future, may form smaller group. NOT QUITE DEAD: The US reportedly wants to see the G7 supplanted in global policymaking by a group made up of the US, the euro zone, Japan and China REUTERS AND AFP, ISTANBUL Sunday, Oct 04, 2009, Page 11 ... The finance chiefs of the G7 richest countries met in Istanbul yesterday. (Taipei Times, Taiwan -- World Business)
* All eyes on dollar ahead of G7 meeting Oct 3, 2009
All eyes on dollar ahead of G7 meeting ... Regardless of whether the G7 finance ministers actually take verbal steps to support the dollar, the currencys long-term status as the worlds reserve currency is clearly under the spotlight. (Taipei Times, Taiwan -- World Business)
Dollar Advances Most Since June as Gobal Policy Makers Voice Their Support Oct 3, 2009
He wont discuss the yens gains at the G-7 meeting, Kyodo News reported yesterday. South Koreas won rose the most against the dollar among the major currencies as investors shifted funds to assets in Asia on speculation its economies will rebound more swiftly than in the U.S. or Europe. (Bloomberg -- US)
Debate over G7 currency role Oct 3, 2009
G7 meets in Istanbul to debate role in influencing world currencies ... One week after the Group of 20 anointed itself the world economy's main policy forum, G7 finance ministers and central bankers may break with tradition and choose not to release a statement on the global economy and currencies, said officials who declined to be identified ... The debate over the G7's role comes as European Central Bank president Jean-Claude Trichet and Bank of Canada governor Mark Carney signal concern about... (Sydney Morning Herald -- Business)
Transcript of a Press Conference by International Monetary Fund Managing Director Dominique Strauss-Kahn with First Deputy Managing Director John Lipsky and External Relations Director Caroline Atkinson Oct 3, 2009
One of the big weaknesses of the G7 I was close to saying the late G7 was that not only it was a gathering of the most important countries in the world letting outside of the room the rest of the world, which is now solved, at least improved, with the G-20. But also there was no follow-up. (IMF News)
G-7 fin ministers face dollar concerns Oct 3, 2009
G-7 finance ministers face dollar concerns- International Business-News-The Economic Times ... G-7 finance ministers face dollar concerns3 Oct 2009, 1232 hrs IST, AGENCIES ... There was even some uncertainty ahead of the meeting whether the G-7 would issue a joint statement in the wake of the Group of 20's decision in Pittsburgh last week to declare the G-20, which includes developing countries such as China, Brazil and India, as the world's premier economic forum. (India Times)
G7 finance chiefs to meet amid recovery conern Oct 3, 2009
"Everyone needs a strong dollar," French Finance Minister Christine Lagarde said on Friday ahead of the G7 talks taking place in the run-up to annual meetings of the International Monetary Fund and World Bank on Tuesday and Wednesday in Istanbul. The G7 finance chiefs were to discuss "the next steps and implementation" of a roadmap agreed at the G20 summit last week for recovery from the worst recession since World War II, a US Treasury official said earlier ... Trichet is set to attend the... (Yahoo! Asia News)
G20 lacks Africa participation: IMF head Oct 3, 2009
G20 leaders agreed last week to make it the world's main forum for economic cooperation, effectively taking over the role of the G7 because of the growing role of developing countries in the world economy. G20 leaders have met three times in the last year - in Washington in 2008 and in London and Pittsburgh this year. (Sydney Morning Herald -- Business)
Shirakawa Says Tankan Survey Results Confirm Economy Is on Way to Recovery Oct 3, 2009
Compared with the G-20, its easier to discuss the issue of foreign exchange at G-7 meetings because G-7 member countries have large financial markets, he said ... G-7 finance ministers and central bankers will meet in Istanbul tomorrow. (Bloomberg -- Japan)
Full Story » Oct 3, 2009
G7 considering its future, may form smaller group - Yahoo ... G7 considering its future, may form smaller group. (Yahoo News -- Top Stories)
Dollar eases against yen ahead of payrolls, G7 Oct 2, 2009
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Yen Poised for Second Weekly Advance on U.S. Jobs Concern, Stocks Decline Oct 2, 2009
The 16 nations that use the euro have a shared interest in a strong and stable international financial system, European Central Bank President said yesterday after a meeting of euro-area finance ministers in Sweden before the G-7 gathers in Istanbul ... Worries are high that this weekends G-7 meeting will discuss the euros strength, said , a currency strategist at Royal Bank of Scotland Group Plc in Tokyo ... G-7 finance ministers and central bankers may break with tradition and... (Bloomberg -- Japan)
Transcript of the Global Financial Stability Report Press Conference with Jose Viñals, Financial Counsellor and Director of the Monetary and Capital Markets Department Oct 2, 2009
Can you say which of the, for instance, G-7 or maybe G-20 countries that have seen the biggest increase in their sovereign credit risk as a result of these. MR. BROCKMEIJER: On your first question relating to the specificity of some of the information that we have provided, our objective very much in the GFSR is to provide an overview and to give an indication where on a regional basis the main vulnerabilities lie. (IMF News)
ECB chief warns strong dollar needed for stable growth Oct 2, 2009
"As I see the situation, there is a very strong sentiment that we have a shared interest in a strong and stable international financial system," Jean-Claude Trichet told reporters in Sweden, days from a G7 meeting ... Group of Seven (G7) finance chiefs -- gathering Britain, Canada, France, Germany, Italy, Japan and the United States -- will meet October 3 in Istanbul ahead of annual meetings of the International Monetary Fund and World Bank. (Yahoo! Asia News)
Yen May Drop to 100 in a Few Months, Ex-Japan Currency Chief Utsumi Says Oct 1, 2009
G-7 finance ministers and central bankers will meet in Istanbul this week. Officials in Istanbul probably wont come up with any major proposals and policies because leaders from the Group of 20 nations already met earlier this month, Utsumi said. (Bloomberg -- Japan)
Analysis: New G-20 faces same old problems Sep 30, 2009
The cozy club first the G-7, then the G-8 had ruled over economic decision-making for the past three decades ... Even with all the failings, the G-20 could still offer more promise than the old G-7, if for no other reason than the right people are now at the table ... Russian President Dmitry Medvedev, whose country took years to crack the barriers keeping it out of the G-7, said that no matter how big the ruling group was, it needed to be mindful of those left out. (MSNBC -- Business)
Group of Eight Replaced by G-20 as Main Economic Forum, White House Says Sep 26, 2009
The G-20s new formal role may prompt some investors who had dismissed the G-7 as irrelevant to pay more attention to international gatherings. On G-7 meeting weekends now I go fishing, no reporters call and writing up summaries of the G-7 for the most part is pointless as there is no news, , a partner at Foreign Exchange Analytics, wrote in a report to clients today. (Bloomberg -- Canada)
G20's reform pledge Sep 26, 2009
The Pittsburgh gathering was the third summit in a year for the G20, which said it would now be the "premier forum" for economic cooperation, supplanting the Western-dominated G7 and G8 that were the primary international forums for decades ... "This movement to the G20 and away from the G7 is recognizing economic realities. You can't talk about the global economy without having the major dynamic emerging economies at the table," John Lipsky, the deputy managing director of the International... (Sydney Morning Herald -- Business)
Upbeat G20 Faces Credibility Test on Markets, Climate Sep 26, 2009
While G7 states were right to accept the inevitable dilution of global economic power caused by the rapid industrialization of poorer countries, analysts said the size and diversity of the group would probably complicate policy coordination. "There are a lot of cooks in the kitchen ... I would wait until we declare victory," said Simon Johnson, a former chief economist of the International Monetary Fund. (ABC News -- Business)
G-20: New Bank Capital Rules by 2012 Sep 26, 2009
The move means the G20 supplants the G7 and G8, institutions dominated by rich Western economies, which will now be forums for discussing geopolitical issues, diplomats said. The draft showed leaders endorsed an agreement on phasing out subsidies for fossil fuels to help combat global warming, but with no fixed date for the change. (Newsmax)
G20 Pittsburgh summit ends with encouraging yields, challenges remain Sep 26, 2009
The move means that the G20 supplants the G7 and G8, institutions dominated by rich Western economies that will now be forums for discussing geopolitical issues, experts say. "The old system of international economic cooperation is over. The new system, as of today, has begun," declared British Prime Minister Gordon Brown. (Xinhuanet, China)
Britain's fiscal emergency: Deflating the state Sep 25, 2009
Next year s deficit as a share of GDP will be the highest in the G7 economies, according to the IMF. The build-up in debt between 2007 and 2014 will also be the biggest (see chart 1). Although its public debt was relatively low before the financial crisis started in August 2007, Britain was ill-placed because it was running a sizeable deficit at what turned out to be the peak of the economic cycle. (The Economist)
A New World Order Sep 25, 2009
" Beggars can't be choosers. Posted: Thursday, September 24, 2009 or to post comments U are ALL an INSPIRATION...In Yer HONOR... Tha WORLD PREMIERE...'Cuz We GANGSTA Like Dat 2... = ) --TBW P.S. Luv'd Yer Response 2 Our Take on Empowerin' Studentz 2 Take Personal Agency in THEIR Learin', cellomama. P.P.S. Luv'd tha Protest signz, btw, Student_teacher...Say'z It ALL, don't it?!{ ( 8K Posted: Thursday, September 24, 2009 or to post comments How are you gonna have a G8 or G7 that doesn't include... (Slate)
Today, the world comes calling Sep 24, 2009
In doing so, it answered some of long-standing objections of rapidly developing nations such as China, India and Brazil that the older G-7, and G-8 meetings of big industrial countries were a vestige of an economic world gone by. The leaders of the 19 nations and the European Union are gathering at a time when there are at least some signs, varying from country to country, that the worst ravages of the world recession may be easing. (Pittsburgh Post-Gazette, PA)
US to push for new economic order Sep 22, 2009
G7 sources told Reuters there was a renewed determination to act to stem the global imbalances because the crisis had underlined the interconnectedness of the financial system and how joint action could be more effective. Read business stories in. (India Times)
Anticipation gives way to reality this week Sep 20, 2009
Too, Brazil and India are seeking greater roles in decisions once the province of the G-7, the bloc of nations comprising the United States, Canada, Britain, Italy, France, Japan and Germany ... Mr. Abdelal, while saying "the right geometry" of a new power bloc to set the agenda for international economics has not emerged, the current G-7 nations are likely to see their influence shift to emerging nations that, increasingly, hold large debt reserves for industrial nations in the west ... The... (Pittsburgh Post-Gazette, PA)
Evacuated schools remain closed for chemical tests Sep 20, 2009
G-7, Mexico: risk groups to get 1st swine flu meds ... The G-7 countries and Mexico held the daylong talks at European Union headquarters to discuss swine flu measures as the flu season approaches the northern hemisphere. (Fresno Bee -- State)
Philippines' Arroyo Says G-20 Exit Strategy' Premature, Calls for Reforms Sep 19, 2009
We cannot continue to look at the world in the eyes of the G-7 only, it must be through the G-20 or even a G-30, Arroyo said in the interview. For all the screaming about Wall Streets lost fortunes, they should also scream about the impact on the poor, and many of the poorest are in the emerging markets. (Bloomberg -- Asia)
