UPDATE 2-G7 to press on with bank reforms, Japan escapes censure

Sat May 11, 2013 11:01am EDT
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* G7 talks focus on reform of banking sector

* Japan escapes rap for weak yen, Germany says is watching

* UK's Osborne plays down differences on austerity measures

* Draghi says no call on central banks to do more

By William Schomberg and Gernot Heller

AYLESBURY, England, May 11 (Reuters) - Group of Seven finance officials agreed on Saturday to redouble efforts to deal with failing banks and gave a green light to Japan's drive to galvanise its economy.

British finance minister George Osborne said the finance ministers and central bankers meeting 40 miles outside London focused on unfinished bank reforms, with signs that plans for a euro zone banking union are fraying.

"It is important to complete swiftly our work to ensure that no banks are too big to fail," Osborne told reporters after hosting a two-day meeting in a stately home set in rolling countryside.   Continued...