UPDATE 1-No communique seen from G7 finmins' UK meeting -Canada
OTTAWA May 8 (Reuters) - Finance ministers and central bankers from the Group of Seven industrialized nations are not expected to issue a communique after meetings this weekend in Britain, a senior Canadian finance official said on Wednesday.
The official, who spoke on the condition he not be named or quoted, said it was possible that Britain would issue a chairman's statement after the meeting.
The G7 finance officials will meet in Buckinghamshire, England May 9-11 for what the official said would be informal and free-flowing talks.
While the agenda is less structured than for the broader meetings of the Group of 20 advanced and emerging economies - now the primary global economic forum - the focus will likely be the disappointing global economic recovery, the official said.
Growth has failed to gain the expected traction despite buoyant financial conditions and signs of momentum in the U.S. economy, he said. He added that the rich nations participating in the meeting are the most affected by fiscal austerity policies implemented after the crisis and they will therefore likely debate the appropriate pace of budget tightening in the context of sluggish growth.
Financial regulatory reform, including making sure that all countries move towards agreed new rules at the same pace, will also form part of the discussion, he said.
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