G7 finance ministers gather in France to avert recession

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G7 finance chiefs meet in Marseille under great pressure Friday to take action to tackle economic gloom. No communique will be issued after the talks though. French Finance Minister said that each G7 country should adopt economic measures to suit its situation.

A source in Brussels said the G7 would likely agree to keep monetary policy accommodative, slow fiscal consolidation, and implement structural reforms. Host country France has called for a coordinated response from G7 nations after Europe's debt crisis and a big fall in world stock markets. The economic problems from different countries are complicating the task. IMF chief Christine Lagarde said that policymakers must have the conviction to tackle today's challenges and act now and "boldly".

Fears the global economy may be the worst since 2008 have added significance to Friday's talks but there has been little evidence of urgent action by policymakers. While Europe wants to keep its commitment to austerity, the US tends to fiscal stimulus. President Barack Obama announced a $447 billion jobs package of tax cuts and government spending to jump start the economic recovery.

G7 finance chiefs meet in Marseille under great pressure Friday to take action to tackle economic gloom.

Editor:Zheng Limin |Source: CNTV.CN



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