G7 Finance Ministers issue statement on supporting stability and recovery

17:08, May 10, 2010      

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G7 finance ministers and central bank governors stressed Sunday their willingness to support the stability, recovery, and growth of the global economy.

The Canadian Finance Ministry said in a statement that G7 officials consulted closely on measures to restore global confidence and financial stability and promote continued recovery. Canada holds the chairmanship of the G7 this year.

They welcomed eurozone member states' actions to put public finances on a sustainable path by them, and some other European Union states' response to members' needs through financial support and a new European Stabilization Mechanism.

They also welcomed the eurozone member states' commitment to involve the International Monetary Fund in financial support under the European Stabilization Mechanism.

At the same time, they underscored the important role of coordination among G7 central banks which have committed to redeploy the bilateral swap arrangements between the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Canada, and the Swiss National Bank, with the Bank of Japan to be considering similar measures soon.



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