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G7 to address financial turmoil Darling calls for economic action
(about 6 hours later)
The G7 group of industrialised nations is to address ways of tackling recent global financial turmoil, stemming from the continuing credit crisis. Chancellor Alistair Darling has described the credit squeeze as the "biggest economic shock" the world has seen since the 1930s Great Depression.
There is growing concern the credit crunch could prompt a global recession. Speaking in Washington DC before the start of a meeting of the G7 group of most industrialised nations, he said the seven had to take "urgent action".
Finance ministers are tipped to debate proposals including better oversight of banks and how to maintain access to capital, when they meet in Washington. Yet Mr Darling also cautioned that such action meant better regulation rather than the temptation to simply add more.
G7 ministers have gathered before World Bank and IMF meetings at the weekend.
The G7 finance ministers are tipped to debate proposals including better oversight of banks and how to maintain access to capital.
They are also expected to address the wide variation in currency exchanges, particularly the weak US dollar.They are also expected to address the wide variation in currency exchanges, particularly the weak US dollar.
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A group called the Financial Stability Forum (FSF) is set to make a list of recommendations that ministers and central bankers will discuss. The Financial Stability Forum (FSF) think-tank is set to make a list of recommendations that G7 leaders will discuss.
"We look forward to discussing and implementing rapid and effective implementation of the FSF findings with our colleagues," said US Treasury Under-Secretary David McCormick."We look forward to discussing and implementing rapid and effective implementation of the FSF findings with our colleagues," said US Treasury Under-Secretary David McCormick.
Among the expected proposals are increased transparency about the risks banks undertake, stricter rules about credit ratings, and the role of central banks in pumping money into the finance system.Among the expected proposals are increased transparency about the risks banks undertake, stricter rules about credit ratings, and the role of central banks in pumping money into the finance system.
The credit crisis, that stemmed from a slowdown in the US housing market, has had a knock-on effect worldwide and dented growth.The credit crisis, that stemmed from a slowdown in the US housing market, has had a knock-on effect worldwide and dented growth.
Earlier this week the International Monetary Fund (IMF) forecast that the US would enter a "mild recession" in 2008 and said that the credit crunch could cost banks and other financial institutions around $1 trillion.Earlier this week the International Monetary Fund (IMF) forecast that the US would enter a "mild recession" in 2008 and said that the credit crunch could cost banks and other financial institutions around $1 trillion.
The weakening US economy has been a major factor in pushing down the value of the dollar, which slipped to a 15-year low against the pound earlier in the week. Meanwhile the pound has fallen sharply against the euro.The weakening US economy has been a major factor in pushing down the value of the dollar, which slipped to a 15-year low against the pound earlier in the week. Meanwhile the pound has fallen sharply against the euro.
The G7 members are the US, Britain, France, Germany, Italy, Canada and Japan.The G7 members are the US, Britain, France, Germany, Italy, Canada and Japan.